Get ready for increased power prices. My electricity provider just sent this today.
If Dutton pushes for nuclear, he'll be on a winner.
What's going on?
We wrote to you a while back about a price increase related to surging wholesale costs. Since that letter, wholesale costs in Queensland have surged a further 50%. This is unlike any event we have seen in Australia before.
The following graph shows the increasing wholesale futures prices in Queensland in recent months.*
*Queensland baseload futures contract calendar year 2023
With prices this elevated, every extra customer we have increases the need to buy more, extremely expensive, electricity in the future.
