What has happened?
- Over the past 6 to 9 months, the cost of purchasing wholesale energy has risen significantly
- This increase appears to be caused by an industry wide ‘structural’ change rather than a ‘cyclical’ change.
What caused the wholesale market price to increase?
- The imminent and actual closure of cheaper coal generation such as Hazelwood in Victoria
- A gas shortage caused by Australian gas resources being sold internationally for higher prices
- The increasing impact of renewable, non-firm generation such as Wind and Solar
What does this mean?
- Most, if not all, energy retailers will continue to increase their prices to reflect increasing wholesale costs, including Blue NRG
- Wholesale markets move up and down, we can’t predict the future
What should customers do?
- You can still lock in a price for a fixed term
- Reduce electricity consumption and ensure you are on the correct network tariff
- Contact the team at Blue NRG- we specialise in cutting electricity costs for your business
Victorian wholesale electricity price increase
NSW wholesale electricity price increase