RADIANT ENERGY has been back with a bang for energy prices in a 5hrs time frame.
The energy trading firm has released its first energy quotes and has found that it is now selling at a more affordable price than its previous price of $7.50 per kWh.
The firm has announced the results of its quarterly energy trading research and said it is not offering any new prices in January and February.
The company said its first quarterly results showed the cost of buying power has fallen by more than $2 per kWh and that its average wholesale cost for energy has dropped by $1.85.
“The average cost of power in the country has dropped $1, the price of electricity is going down,” said Radiant Energy chief executive and managing director Peter Bajaj.
“We have seen a return to the $7 per kWh price that we had been selling for a long time.”
The firm said the price increase in January came despite a drop in the average wholesale price for energy in the months to January and despite the fact that the average cost for electricity had dropped by more $1 per kWh compared to the previous quarter.
It said its average prices for power in January have remained the same compared to December and January.
“I think it is a testament to the strength of the market and the strength in the energy markets that there was a return on investment for the energy market,” Mr Bajaji said.
He said the cost to buy power in Australia has remained stable for the last six months.
“For a long period of time, energy has been cheap.
It is very hard to come back and get the price down to the point where the average consumer is willing to pay the price,” Mr Baajaj said.
The price for power was down by $3.65 per kWh in January, a price that has dropped almost $3 from its previous quarter and has not changed for the first five months of the year.
Energy price rises ‘remain low’ Mr Babaj said it was hard to find a “price that’s a bargain”.
“So I think the affordability is very good.” “
There is a strong level of affordability and there is still affordability in terms of energy, in terms with our overall prices,” he said.
“So I think the affordability is very good.”
The Energy Pricing Authority says the average Australian household has saved $1 billion since February.
However, it is concerned about the effect on energy security and price pressures in the market.
“While the cost has dropped, there is an increase in the cost for power to be delivered to consumers,” Mr Baird said.
Mr Baird told AM the average energy bill for Australians had remained relatively stable.
“And that has been the case for the past six months,” he told AM.
In its report, Radiant said it saw a price hike in December and February that was not reflected in its quarterly results. “
That means that energy bills have not changed significantly.”
In its report, Radiant said it saw a price hike in December and February that was not reflected in its quarterly results.
It noted that prices in NSW rose by $0.14 per kWh to $3 per kWh on average and Victoria increased by $2.24 per kWh, to $5.25 per kWh of electricity.
“In some cases, the increase was more than double the increase recorded for the same time period in the previous year,” the report said.
It also noted that the rise in wholesale electricity costs in Queensland, where the state government owns the power market, was a bigger rise than the other states.
“As a result of the price hikes, the average household in NSW was saving $1bn in December alone, while it had saved $2bn in January,” the company said.