The maximum amount that you can be charged for power each year is going up by up to almost $600, depending on where you live.
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It comes as the Australian Energy Regulator and the Essential Services Commission release drafts of their market offers, or price caps - the highest price a retailer can charge a customer, particularly once any discounts or promotion periods end.
The prices under the Regulator's offer apply specifically to customers in New South Wales, South Australia and South East Queensland, and different prices affect specific power distributors.
Meanwhile, Victoria's prices are determined by the Essential Services Commission's decision.
If approved, a final decision for each offer will be announced in May and changes applied from July 1, 2023.
New South Wales
Power prices will go up between $335 and $463 a year, or $456 and $564 if they have a controlled load (separately metered tariffs used for appliances such as electric hot water storage systems, pool pumps or underfloor heating). This is for residential customers who get their power distributed from Ausgrid, Endeavour or Essential.
Queensland
Residential customers who get their power distributed from Energex will have their power prices go up by $321, or $383 for those with a controlled load.
South Australia
People whose power comes from SA Power Networks will get slugged an extra $401, or $485 if they have a controlled load.
Victoria
The draft decision proposes an increase of around $426 for residential customers, with typical bills increasing from $1403 to around $1829 per year.
What can I do?
It pays to be disloyal; the Australian Energy Regulator's report found residential customers who switch from a standing offer (i.e. their full rate) to the lowest market offer could save between seven and 17 per cent.
Regulator chair Clare Savage said it was a fine balance between getting the price right, particularly protecting customers from high prices, and reiterated that the offer is a safety net, not the best offer.
She encouraged customers to shop around for their best deal and the regulator's free and independent comparison website www.energymadeeasy.gov.au could help you find the best deal.
The Commission and the Regulator both said customers should reach out to their current energy providers for help if they were struggling to pay their bills.
