New South Wales electricity users are to suffer another round of hefty price increases; with more to come.
The Independent Pricing and Regulatory Tribunal (IPART) has announced that electricity prices for the average New South Wales resident will increase by 17.6 per cent from July. Sydney customers will pay on average about $230 more each year, while rural customers will face an extra $316 in charges. IPART says it is recommending the increases because of costs associated with energy firms complying with the federal government's Renewable Energy Target (RET). The RET requires energy firms to source power from renewable sources such as solar or wind.
What is this about and how does it relate to the planned carbon tax?