Power prices to soar despite coal and gas cap

The Australian Energy Regulator on Wednesday released its draft default market offer decision for the 2023/24 financial year, which foreshadowed residential electricity price increases of between 19.5 and 23.7 per cent depending on the state and provider.

The default market offer represents the maximum price energy retailers can charge residential and small business customers in NSW, South Australia and southeast Queensland.

The regulator said it was estimated small business customers could face price increases of between 14.7 per cent to 25.4 cent depending on their regions and providers.

Without the government's energy market intervention, it had told the government the residential offer could increase by more than 50 per cent in some regions.