NSW, Queensland and South Australia electricity prices to rise by up to 24 per ... trends now Huge power bill shock with electricity prices set to surge for thousands of Australians - here's how much more you will be paying Electricity prices to increase by 24 per cent NSW, QLD and South Australia to be affected By Jesse Hyland For Daily Mail Australia Published: 22:49 BST, 24 May 2023 | Updated: 22:49 BST, 24 May 2023 Viewcomments Energy prices are set to skyrocket by up to 24 per cent for hundreds of thousands of Australians under a new ceiling electricity price set by the energy regulator.. The Australian Energy Regulator revealed that prices would rise by between 21 and 24 per cent from July upon releasing its final determination on Thursday. The revised increase is higher than the draft offer of 20 to 22 per cent rise put forward by the regulator back in March. About 600,000 residents in New South Wales, south-east Queensland and South Australia will be affected by the changes. From July 1, residential customers will see price increases of 19.6 to 24.9 per cent, depending on their region. Small business customers are facing lifts of 14.7 per cent to 28.9 per cent. The Australian Energy Regulator has confirmed that electricity prices will increase from July (stock image) Around nine per cent of customers are charged the default market rate, which effectively acts as a safety net to ensure domestic users are not charged obscene amounts. Most customers are on lower, discounted rates, but the default offer also serves as a benchmark for wider prices. The energy regulator said high wholesale energy costs continued to drive up retail electricity prices. Australian Energy Regulator chair Clare Savage said the agency considered the cost-of-living pressures faced by households and businesses as well as the need for retailers to recover their costs. "We know households and small businesses continue to face cost-of-living pressures on many fronts, and that's why it's important the (default offer) provides a safety net for those who might not have shopped around for a better power deal," she said. "No one wants to see rising prices, and we recognise this is a difficult time, that's why it's important for consumers to shop around for a better deal." The May budget estimated retail electricity prices would increase by 10 per cent in 2023/24. Ms Savage told ABC radio energy prices would have surged 35-50 per cent if the government had not intervened in the energy market. More to come. Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility