EnergyAustralia called on policymakers to back the "solid blueprint" of the Finkel energy review and said it would continue to invest on solar energy and batteries as it hit NSW and South Australian customers with price increases of $1000 for power and gas.
The company's average small business customer in NSW will pay an extra 19.9 per cent - $915 a year - for electricity and an extra 10.7 per cent - $1042 over a year - for gas from 1 July. Residential customers are also being hit with price rises of nearly 20 per cent for electricity - an extra $320 a year- and 6.6 per cent for gas, an extra $49.40 a year.
SA customers are also paying an extra 19.9 per cent for power, which adds $390 to the average residential bill and $967 to the average small business bill. Gas is up 13.3 per cent for small business - an extra $936 a year - for small business. Queensland small business will pay an extra 13.3 per cent - $559 - for power.
The price hikes for retail customers come after ActewAGL foreshadowed increases of 17-19 per cent for power and gas in the ACT and reflect the huge stakes in play as the Turnbull government debates the Finkel energy security blueprint released last Friday and former prime minister Tony Abbott and junior minister Angus Taylor try to derail the plan.
EnergyAustralia chief customer officer Kim Clarke said the price rises reflected the surge in wholesale electricity prices, which have virtually doubled in a year as coal power stations have closed or become less reliable, and gas, which is scarce because supplies have been diverted to Queensland liquefied natural gas industry.
Modern technology
Ms Clarke said EnergyAustralia would continue to "support development of a modern mix of energy technology" led by wind and solar projects in Australia's eastern states as well as "smart" solar and battery products, and urged politicians to stop sniping about the Finkel review and get behind its wide-ranging proposals.
These include expanding the Renewable Energy Target to include "clean energy" from whatever source, extending it to 2050, and measures to stabilise the power grid - such as requiring new renewables project to come with their own firm power to reduce blackout and price volatility.
"No one pretends it's an easy fix but doing nothing means higher prices and less reliable energy for all customers. We think the Finkel Panel's report is a good, solid blueprint for federal and state governments to work together on the bipartisan, national approach to energy we desperately need," Ms Clarke said.
"A sensible next step is for governments to engage industry and other stakeholders on the Finkel package of reforms to discuss the best way forward."
EnergyAustralia also committed an additional $10 million to expanding its support for its vulnerable customer and financial hardship programs.
