News

EnergyAustralia announces electricity and gas price increases for residential and small business customers

EnergyAustralia today advised that electricity and gas prices for residential and small business customers on the Default Market Offer (DMO), Victorian Default Offer (VDO) and Variable Market Contracts will increase following sustained increases in the cost of wholesale electricity.  

  • DMO and VDO electricity customers – on average residential prices will increase in New South Wales (20.5%), Victoria (23.6%) and South Australia (23.2%) from 1 July; and for South East Queensland customers (20.3%) from 1 August. 
  • Variable Market Contract electricity customers - on average residential prices will increase in New South Wales (14.9%) and Victoria (25.9%) from 1 August; and in South Australia (17.2%) and South East Queensland (11.8%) from 1 September. 

In addition, Standing Offer Tariff (SOT) and Variable Market Contract gas prices for residential and small business customers will also increase.  

  •  Gas customers - on average residential prices for SOT’s will increase in New South Wales (20.5%) and South Australia (15.8%) from 1 July, and the Australian Capital Territory (18.1%) from 1 August.  Variable Market Contract customers will increase by the same amount, from 1 August.  In Victoria, there will be no change.  

Details of key electricity and gas price changes can be found at the bottom of the page.

EnergyAustralia Chief Customer Officer, Mark Brownfield, said: “We know this news will not be welcome for our customers with many Australian households and small businesses continuing to feel pressures from inflation and higher interest rates. For customers who may be experiencing difficulty paying their energy bill, please contact us as early as possible so we can help. 

“This year, through our EnergyAssist program, we will provide around $30 million in support to our customers experiencing financial hardship with their energy costs. This is around 16% more in assistance compared to 2022.  This support covers payment plans, staying-connected guarantees, debt relief and, for small businesses, cashflow assistance is available. Through EnergyAssist, we also work with customers to ensure they are on the most affordable plan for their circumstances and provide over the phone energy efficiency advice.” 

Mr Brownfield added: “Today’s changes reflect higher prices for wholesale electricity and gas due to energy market volatility in 2022. The changes to the Default Market Offer and Victorian Default Offer electricity prices reflect recent determinations by the Australian Energy Regulator and the Essential Services Commission of Victoria. 

“Our focus remains on introducing as much generation supply into the market as possible from our coal, gas and renewable generation assets to reduce pressure on wholesale energy prices. This includes commissioning our new Tallawarra B gas and hydrogen power station in New South Wales later this year.  

“We are also continuing to work with government and coal and gas suppliers to ensure the government’s market interventions announced late in 2022 deliver price increases which are less than they would have been without those interventions.”
 
Key Electricity Price Changes

DMO and VDO electricity price changes effective 1 July 2023 (South East Queensland effective 1 August)

Residential

  • New South Wales –20.5% or around $338 per year on average. 
  • Victoria – 23.6% or around $324 per year on average.  
  • South Australia – 23.2% or around $453 per year on average.  
  • South East QLD – 20.3% or around $363 per year on average.

Small-to-Medium Size Business

  • New South Wales –18.5% or around $815 per year on average.  
  • Victoria – 22.3% or around $551 per year on average.  
  • South Australia – 26.5% or around $1,653 per year on average.  
  • South East QLD – 21.4% or around $1.283 per year on average.

Variable Market Contract electricity price changes effective 1 August 2023 for NSW and Victoria (South East Queensland and South Australia from 1 September)

Residential

  • New South Wales –14.9% or around $368 per year on average.  
  • Victoria – 25.9% or around $482 per year on average.
  • South Australia – 17.2% or around $435 per year on average.
  • South East QLD – 11.8% or around $286 per year on average.

Small-to-Medium Size Business

  • New South Wales –12.8% or around $855 per year on average.
  • Victoria – 25.8% or around $1,296 per year on average.
  • South Australia – 12.8% or around $577 per year on average.
  • South East QLD – 9.7% or around $780 per year on average.

Key Gas Price Changes

SOT gas price changes effective 1 July 2023 (1 August for the ACT) and Variable Market Contract gas price changes effective 1 August 2023

Residential 

  • New South Wales – 20.5% or around $197 per year on average.
  • South Australia – 15.8% or around $175 per year on average.
  • ACT – 18.1% or around $279 per year on average. 

Small-to-Medium Size Business

  • New South Wales – 25.7% or around $2,566 per year on average.
  • South Australia – 25.5% or around $3,305 per year on average.
  • ACT – 23.0% or around $7,184 per year on average. 

Note: Average Dollar increases include GST 

For media inquiries, contact:

Jacinta Smith. E: jacinta.smith@energyaustralia.com.au