Australian energy consumers may see their bills skyrocket by as much as 9.7% due to approved price hikes by regulators, according to news headlines in the energy sector.

Australian households face significant power bill increases of up to 9% as energy regulators finalize safety net prices.

Price caps are enacted to protect customers, including the hundreds of thousands who maintain default power plans.

Around 9% of households and 18% of small businesses are on default market offers.

Residents in NSW could be face an additional $280 annually starting July 1st.

Regulators refresh default market offers to reflect the costs retailers incur for electricity generation and distribution.

NSW customers will endure the steepest price growth, ranging from 8.3% to 9.7% depending on their network area.

Wholesale and network costs are increasing in most regions under the AER’s jurisdiction.

Residents in South-east Queensland will see minimal changes, while those in South Australia might face increases of 2.3% to 3.2%.

Victorian households may expect a modest 1% average bump, with some areas possibly seeing a slight decrease.

Those on default plans are encouraged to explore better deals, as 80% could save by switching to a competitive market offer.

The energy minister, Chris Bowen, recognizes the strain that high energy bills place on households and businesses, committing to extended bill relief.

The safety net system’s effectiveness is questioned by Energy Consumers Australia CEO Brendan French, who calls for a greater focus on cost reduction across the supply chain.