It’s the day before the election and all through the house, electricity bills are doubling…

The price rises are so extraordinary one retailer is asking their customers to leave “in the next 24 hours”.

Across Australia small power suppliers are sending emails to customers right now warning them that their rates are going up next week by eye-watering amounts. Wholesale electricity prices were at a record high in April this year, and it hasn’t improved in May. Prices are hitting $200-$300 per megawatt hour, not as a peak, but as a 24 hour average. In South Australia two days ago, the average for the full day was $1,141. Futures contracts are rapidly taking off and these rises are starting to flow through to customers. Already, the small retailers are bleeding cash, just as they did in the UK, and if wholesale prices don’t come back to Earth soon, they will go out of business.

Reader Brett in South Australia shared an email from Discover Energy. As of next week the standard peak rate will rise from 39 cent per kilowatt hour to 70 cents. Off peak rates rise from 27 to 46. He also adds, “My brother lives in NSW […]