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".
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Steven Glover and Leon Hayes
Founders of Switchselect.com
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