Electricity & Gas Tariffs To Rise By 9% For 3 Months

Over the past few months, prices of some essentials have gone down to help the public manage costs. While we can breathe a sigh of relief as we fill up our grocery baskets, news of gas and electricity tariffs rising might change that.

Electricity tariff (meter)Source

Happening over the next 3 months, you should read on to find out more so you won’t be shocked when your bills arrive.

Increased energy costs bring up electricity tariffs

In a media release on Wednesday (30 Sep), SP Group says that the electricity tariffs will have an average increase of 1.83 cents/kWh (before GST) from 1 Oct to 31 Dec.

Despite the increase from the past 3 months, rates are still the second lowest in the past 3 years.

Electricity tariff cost trend Source

SP Group added that the increase is due to higher energy costs, which factors in the costs of natural gas and power generation.

However, remaining components such as network costs and market support fees will remain the same.

Gas tariff rise due to increased fuel costs

The general gas tariff will see a smaller hike compared to electricity, rising by 0.83 cents/kWh.

This brings the revised tariff to 17.19 cents/kWh (before GST).

Source

City Gas’s media release cites an increase in fuel costs for the higher tariff.

Since the increase is very slight, we hope this won’t hamper your kitchen adventures as you hone your cooking skills while working from home.

Don’t leave the aircon & stove on for too long

With the increase in costs for both essential household services, this signals for families and business to be more cautious of electricity and gas usage.

Electric tariff meter 2Source

Simple measures such as turning off the aircon and stove once we are done using them will help reduce utility costs.

With more places open now, you can always take a break and dine out or engage in fun activities with friends outside.

Just remember to follow all the health and safety precautions and make sure you’re well before leaving the house.

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Featured image adapted from Energyprice.