Power shock: ‘Devastating’ energy price hikes on the way

Australians are being warned to brace for a decade of power price hikes.

Alinta Energy CEO Jeff Dimery has warned prices may skyrocket by third in 2023, and CEO of the Energy Users Association of Australia, Andrew Richards, says prices will remain high for a decade while the energy system transitions to renewables.

“They’re talking about spending $100 billion to $150 billion in the energy system over the next 10 to 15 years. You can’t spend that amount of money retooling the energy system and expect prices not to go up,” he told Neil Mitchell.

Neil Mitchell: “So do we say we’re in for higher power prices for the next decade?”

Andrew Richards: “It would appear so.”

“It’s pretty devastating for people,” Mr Richards said.

The Energy Users Association boss says the long-term view is ‘there’s a safe harbour at the end of all this”.

“But the question is can you survive the storm long enough?”

Press PLAY to hear Mr Richards’s alarming prediction