Queensland electricity prices at set to increase by atleast 5.38% as of the 1st of July 2008. The Queensland Competition Authority has today released their final decision on the Notified Electricity Prices for 2008-2009.

The prices will impact families in Queensland already struggling with the burden of increased mortgage rates, inflation and rising petrol prices.

Leon Hayes of Swichselect.com has stated, "Customers in South east Queenland have had a their electricity prices increase by over 16% in two years, couple that with reductions in market offer discounts, will really leave householders struggling."

The monthly connect charge for residential electricity will rise from $5.40 to $5.69 and the Tariff 11 kWh rate will rise from 14.05 cents to 14.81 cents.

Tariff 31 customers will now pay 6.04 cents / kWh up from 5.73 cents and Tariff 33 customers are set to pay 8.89 cents/kWh up from 8.44 cents in 07/08.

Cost of gas and electricity predicted to rise with takeover

With the announcement today of UK based BG Group's $12.9 billion bid for one of Australia's largest energy group, Origin Energy, comes the revelation that gas and electricity prices could rise by as much as 20% in the coming years.

It has been predicted that this corporate acquisition, coupled with the increasing demand for energy in China could put even more strain on Australian bill payers.

The British oil and gas explorer has bid a 40% premium on Origin's closing share price on Tuesday.
Launching one of the biggest takeover bids this year, BG will stand to control some of Australia's largest gas reserves.Formal talks will now be held between the two groups to advance the bid.

"Gas prices in the UK have increased by more than 25% in the past year" said Leon Hayes of Switchselect.com, adding "a take over such as this could mean a similar rise on our shores".