Big Rises For Home Power Price In WA
By Linda Cann

ELECTRICITY prices look set to skyrocket after WA’s Office of Energy recommended a 52 per cent rise for 2009-10, with more to follow.

Energy Minister Peter Collier today released a report outlining the OOE’s final recommendations into the review of electricity retail tariff arrangements.

The report recommended a 52 per cent increase in tariffs for households with a further 26 per cent increase for 2010-11, and 13 per cent more for 2011-12.

Opposition energy spokeswoman Kate Doust warned the price rises would cause hardship for householders already facing the fallout from the economic slowdown.

“We recognise that prices have to rise, but we prefer the government picks up the model we offered prior to the election, which is 10 per cent increments over a six to eight year period,” she said.

“We are concerned about the hardship that sharp increases would impose on families and pensioners.”

The OOE said the increases were necessary to bring household electricity prices into line with the costs of supplying electricity.

The OOE also forecast that a 29 per cent increase would be required in 2009-10 to bring small business electricity prices up to cost-reflective levels, with a further 26 per cent increase required for 2010-11.

Mr Collier blamed the former Labor government for the increase in tariffs.

“The previous government held prices artificially low for too long as part of the disaggregation process,” he said.

“Their market electricity reforms were supposed to lower the price of electricity, so why are we now faced with the prospect of increased prices at a time when many Western Australians are facing financial difficulty?

He said the State Government was still to consider the recommendations outlined in the report.

“We are mindful of the current economic situation and the financial pressure many families, householders and businesses alike are feeling,” he said.

“This will be taken into consideration as we make a responsible long-term decision.”

Mr Collier said the recommendations were a key component of the rescue package for Verve Energy.

“Verve Energy will continue to have poor financial performance until it is able to receive revenues that support its costs,” he said.

“The level of electricity tariffs must support the continued development of electricity supply to ensure investments are made to meet demand. Otherwise, security of future supplies will be threatened.”

The OOE’s forecast tariff increases are based on cost estimates of the components to supply electricity - generation, networks, retail, and greenhouse gas mitigation costs.
 


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