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Environment and Water | May 21, 2019

Kealy - electricity prices at record high

The Nationals Member for Lowan Emma Kealy is alarmed by a recent report from the Australian Energy Market Operator (AEMO) that shows not only are electricity prices at record highs, but Victorians can expect to see their electricity bills rise even more over the coming winter months.

The Quarterly Energy Dynamics – Q1 2019 report shows the average wholesale electricity price for the first quarter of 2019 was a record high and there appears to be no reprieve from these high prices in the future with the AEMO reporting:

“electricity swap contracts traded on the ASX rose between 12-23% over Q1 2019 and have risen by 49% in Victoria since July 2018.”

“The report confirms that Victorians already struggling with cost of living pressures will be forced to pay even more to heat and light their homes due to Daniel Andrews’ complete mismanagement of our energy supply,” Ms Kealy said.

“In January Lowan residents suffered through extreme heat and electricity black-outs and now, in the cold winter months, energy prices are going through the roof.

“I hate to think that our most vulnerable elderly residents will be shivering this winter because they are too scared to use their heating and receive a massive power bill.

“Everyone recognises that renewable energy will play a large and important role in our energy future, but the responsibility to ensure the transition to renewable energy is reliable and affordable falls squarely on the Andrews Labor Government.

“Since Daniel Andrews has been in power Victoria’s electricity prices have increased each and every year, placing even more pressure on already tight family budgets.

“Daniel Andrews is once again putting politics over people and once again it is families and businesses that are being forced to pay the price.

“Lowan residents deserve a government that will fight to ease the cost of living, rather than just paying lip service to ever increasing energy prices.

“Labor must act immediately to fix Victoria’s escalating energy affordability and reliability crisis.”

The AEMO performs an array of gas and electricity market, operational, development and planning functions and manages the National Electricity Market and the Victorian gas transmission network.