‘Shocking’ increase in power bills

THOUSANDS of households have been slugged with a doubling of power prices after retailers passed on surging costs, sparking fears some operators may collapse under volatile market conditions.

Queensland’s LPE, with over 20,000 customers, said it was strongly encouraging customers to find alternative suppliers following its decision to increase charges by over 100 per cent on June 1.

“Within the next 24 hours, we strongly encourage you to seek an alternative supplier,” LPE chief executive Damien Glanville said in a letter to customers seen by News Corp, telling them to switch to either of the big players in Ergon or Energex.

“We understand the financial pressures families are current facing and we did not want to have to materially increase our prices, which would have added to this stress.”

The Sydney-based Discover Energy, co-founded by young Rich Lister Anson Zhang, also said it would have to nearly double rates for some customers due to an “unprecedented increase” in the cost of wholesale electricity.

Wholesale electricity prices jumped by a shocking 141 per cent in the March quarter compared with the same period a year earlier.