Energy market reforms risk power bill price spike, analysts warn

A spike in household bills is being touted as a risk of the energy market reforms proposed to reduce the risk of blackouts, as lower cost renewables pour into the grid and threaten to force the early closure of coal-fired power plants.

A report by Johanna Bowyer of the Institute of Energy Economics and Financial Analysis found that power bills in Sydney and Melbourne could rise by $182 to $430 a year, a claim disputed by federal Energy Minister Angus Taylor. They said these potential power bill costs were less than the Australian Competition and Consumer Commission’s

Mr Taylor has endorsed a capacity market and the major market change as a necessary measure to ensure there is a sufficient financial incentive for private companies to invest in new dispatchable power generation.

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