Electricty prices to rise by up to 62 per cent by 2013

NSW Independent Pricing and Regulatory Tribunal says CPRS and network costs to blame

The push toward sustainable IT will gain increasing momentum with the release of a report which predicts that retail electricity prices could rise by up to 62 per cent between 2010 and 2013.

The Independent Pricing and Regulatory Tribunal's draft report, Regulated electricity retail tariffs for 1 July 2010 to 30 June 2013, finds that more than 90 per cent of the total price increase in NSW from 2010 to 2013 will be driven by increased network charges and the costs associated with the Carbon Pollution Reduction Scheme (CPRS).

According to the report, by 2013 retail prices will increase by 21 per cent to 25 per cent because of the costs of the CPRS obligations on electricity generation and, over the same period, increased network charges will rise a further 16 per cent to 35 per cent.

By 2012/13, typical business customers of Energy Australia, Integral Energy and Country Energy will be paying an additional $2335, $1597 and $2985, respectively, each year for electricity, the report finds.

“Over 2010 to 2013 we expect that competitiveness of the retail market will continue to develop, providing protection to customers by pressuring the Standard Retailers to act and price efficiently,” acting chairman and chief executive officer at the Independent Pricing and Regulatory Tribunal, James P Cox, said in the report.

“To enhance the competitiveness of the market, we have recommended that the NSW Government introduce tariff disclosure requirements in common format for all licensed retailers and provide a government-endorsed web based comparator service.”

The full Energy Purchase Costs draft report prepared by Frontier Economics is also available.

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