Auswell Energy discusses the power prices set to skyrocket in mid-June for Australian homeowners.
Among many other increases in the cost of living, the price of electricity is set to skyrocket in the coming months.
At the start of 2022, the wholesale price was $70 a megawatt per hour in Queensland. Currently, that price has risen to $114 and it’s unlikely to stop there.
Many factors have driven this massive spike, and in a world that is increasingly reliant on technology, consumers need to be aware of the causes and consequences of this huge shift in the energy market.
What is causing the rise?
A large factor in the rising prices is the increasing cost and reduced reliability of fossil-fuel burning power plants. As legislation and social pressure continues to drive investors towards the renewable energy market, black coal power plants are struggling to maintain their production rates amid the rising cost of fossil fuels.
The increased cost of the raw materials necessary to run these plants is also contributing to another, more noticeable cost of living increase, that of fuel.
Who is being affected?
While electricity prices are rising across Australia, the biggest changes will be seen in Queensland and New South Wales. Four energy companies (specifically ‘Discover Energy’, ‘Mojo Power’, ‘ReAmped’ and ‘LPE’) are the first to announce the increase in prices. While they may be, it’s not unreasonable to assume that larger energy companies will be forced to adopt similar tactics should the circumstances persist.
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What should I do?
If you’re worried about the volatility of the energy market, you’re not alone. This increase in the cost of living will make many Australians re-evaluate their current energy providers and begin the transition to cheaper and more reliable energy sources.
Installing a solar energy system can help you take control of your energy bill and balance your budget on a solid and stable foundation. For more information on how solar can work for you, click here.
Contact Us at Auswell Energy
Looking for a reliable and experienced provider of solar power for your home? Choose Auswell Energy for high-quality customised residential solar power installations across Brisbane and the Gold Coast, including Tweed Heads. Check out our solar installation options and pick the perfect one for your home.
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