Earlier this week, CHOICE, Australian Industry Group, Brother St Laurence and the Energy Efficiency Council released their commissioned report on the causes of rising electricity prices in Australia and what can be done to keep power affordable, or even reduce current costs.
The report states that there’s been a rise in electricity prices of over 50 percent in the past five years. Some studies even forecast that in 2017, we’ll be paying double what we paid for power last year. You can download the report and read it in full here.
In light of the report’s findings, the groups have made a number of recommendations in order to keep electricity affordable. In a nutshell, these include:
• Developing a proposal to set electricity distribution network companies minimum targets to reduce spending on new peak-driven infrastructure (poles and wires) through demand side activity.
• Helping consumers to improve their energy efficiency and get more out of each dollar that they spend on electricity.
• A robust system for protecting consumers, particularly vulnerable consumers.
• A stronger role for all consumers in the regulatory system, including a consumer advocacy body; and
• A stronger system for regulating electricity networks, giving the Australian Energy Regulator more powers and the resources to use them, and better incentives for efficient investment.
You can read more about the report and its findings here.