Posted 3/17/2024, 6:46:05 PM
Single dad hit with more than double usual power bill as prices stay high
- Single dad Craig Souter experienced major bill shock when his power bill jumped from $600 to over $1,400, more than double his previous highest bill
- Power prices have soared in recent years, driving up benchmark default market offers set by regulators that act as a reference for other prices
- Wholesale costs have fallen from peaks but remain high, and rising interest rates and inflation push up network costs for poles and wires
- Analysts say upcoming benchmark price decisions likely to only shift a few percent up or down compared to now
- Consumers urged to shop around for deals rather than expect major decreases in prices