MONEY-hungry power companies will hit households an extra $1.1 billion to install smart meters after winning approval for hikes on the eve of the Melbourne Cup.
The decision will lead to bill increases of about $60 a year just in meter charges, and will take the gloss off any interest rate cut tipped to be announced today, the Herald Sun reported.
The Australian Energy Regulator has been forced to back down on efforts to limit smart meter installation costs to about $760 million, between 2012 and 2015.
The power giants appealed against the AER's draft decision in July and supplied complex price plans that showed they would have to spend big to give households the controversial new technology, which is supposed to lower bills over time.
