Is YOUR power bill about to jump by $470? Energy Australia announces MORE hikes to electricity and gas prices for 2018

  • Energy Australia announced electricity and gas prices will rise by 13 - 15 per cent
  • Cost jump is mainly due to the steep climb' in Australian wholesale energy prices
  • Average residential customer's yearly bill will be $2134 for gas, $1612 for electric
  • Financial comparison experts are  advising customers to shop around for deals

By Yael Brender For Daily Mail Australia

Published: | Updated:

Victorian households are expected to be slugged with a significant increase to their power bills by the start of 2018.

The state's third largest energy retailer Energy Australia is rolling out significant price jumps in the coming year, according to the Herald Sun, pushing up the cost of both electricity by almost 15 per cen and gas by 13.5 per cent.

The average residential customer will be slugged an extra $278 a year for electricity, pushing their annual bill to approximately $2134, while gas customers' bills will jump to $1612.

The average residential customer will be slugged an extra $470  a year for electricity and gas

The average residential customer will be slugged an extra $470  a year for electricity and gas

The state's third largest energy retailer Energy Australia is rolling out significant price jumps

The state's third largest energy retailer Energy Australia is rolling out significant price jumps

But it's not just Energy Australia customers either - other retailers are expected to announce similar increases by December 1.

Experts blame the price surge on a combination of the 'steep climb' in wholesale energy prices and the closure of the Hazelwood coal-fired power station.


Energy Australia's chief customer officer Kim Clarke said wholesale electricity prices have risen about 55 per cent since the start of the year and this pain was being passed on to customers.

'With this (latest) price increase that we have got there is zero retail margin increase in that,' she told the publication.

'Since August, calls to our contact centre are up 30 per cent and it's easy to under­stand people are looking for a better deal on energy.' 

'People are looking for a better deal on energy,' said Energy Australia's chief customer officer

'People are looking for a better deal on energy,' said Energy Australia's chief customer officer

Financial comparison website Mozo's spokesperson Ms Lamont advised people to shop around

Financial comparison website Mozo's spokesperson Ms Lamont advised people to shop around

But while Financial comparison website Mozo's spokeswoman Kirsty Lamont said energy price rises would continue, she advised people to keep shopping around. 

'Energy bills are the second biggest household cost after the mortgage or the rent, so an increase of around 13-14 per cent will be a huge pain point for many households,' she said.

'When it comes to energy, if you are not shopping around you are not saving because energy providers generally reserve their biggest discounts and best deals for new customers.

'If you have been with the same energy provider for a few years, chances are you are paying a lot more than you could be.'

'Energy bills are the second biggest household cost after the mortgage/rent,' Ms Lamont said

'Energy bills are the second biggest household cost after the mortgage/rent,' Ms Lamont said

Energy Australia customers can lock in electricity and gas prices for 24 months on a new plan

Energy Australia customers can lock in electricity and gas prices for 24 months on a new plan

In an attempt to minimise the financial pain, Energy Australia is both new and existing customers the chance to  to sign up to their Secure Saver two-year energy plan.

The new plan locks in energy prices on both electricity and gas for 24 months and will put the 'pause button' on price rises.

Customers have until January 31 to sign up to the Secure Saver and avoid the January price hike.

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