How much will Synergy electricity rates increase in 2023 and beyond? Irrelevant to whoever is in government, mitigating the effects of an annual Synergy electricity rates increase is only possible with intervention. A member of the Top 25 GDP nations, Perth’s population continues to grow and will do so for the foreseeable future. With population growth in first-world economies, energy prices increase through increased generation & infrastructure costs. The world’s wealthiest nations have an energy dependency to thrive economically, and supply/demand dictate the price of any commodity. More interesting is the historical Synergy electricity rate increase since 2014 to assist future projections.
The possibility of maintaining steady or reducing Synergy electricity rates using fossil fuels is impossible as energy price increases loom yearly through:
- Resources/minerals contributing to energy production; sustainable and unsustainable, generation increase annually.
- Human resources to implement and maintain energy infrastructure.
- Supply chain cost increases – mining, manufacturing, logistics, and implementation.
- Electricity prices haven’t reduced in the last decade.
Historical rate increases
We can use historical trends to gauge potential Synergy electricity rate increases.
Home plan (A1)
Supply Charge per day
Cost per kWh
2020 Frozen (COVID economic relief)
An average home consuming 25 units daily in 2016 would have paid $426.27 per bill cycle. In 2022 that bill was $515.57. Excluding the COVID economic relief period, within five consecutive periods, there was a combined 20% increase in Synergy electricity rates Perth customers paid to the power company. Based on this historical trend, Synergy electricity rates increased by an average of 3% yearly, not retracting.
However, past market trends don’t factor in a global energy crisis and the rising costs of fossil fuels at expedited levels. Within Western Australia, the state government protects consumers from energy volatility through a monopoly state-owned energy provider. A scenario anticipated to change as local energy markets become subject to increased competition for a fair trade economy.
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Future bill projections
Without economic uncertainty factored in, how will energy markets affect Synergy’s electricity rates beyond 2023 is a guess at most. Considering the view that Synergy electricity rates almost certainly can’t come down, a linear approach from historical increases is the most likely best-case scenario.
Home plan (A1)
Average bill cost (25 units per day)
Likelihood of increases beyond historical values
2023 is unlike any year in the past two decades with global conflicts and a required energy transition away from carbon-intensive fuel sources for energy generation. International and local factors likely to affect Synergy electricity rates:
East coast (Australia) energy increases. Factors affecting the east coast of Australia filter through to Western Australia on a level. East coast electricity prices are surging due to a coal and gas shortage irrelevant of how much we produce here in Australia. Global supply/demand affects energy costs.
Skilled worker wage increase: Unemployment levels at less than 4% and a deficit in skilled workers leads to increased demand forcing higher skilled service wages. In turn, passed on in higher commodity prices.
Russia and Ukraine conflict. Even though Russia doesn’t supply West Australian power stations with oil or gas, its 12% global share affects world energy prices.
China and Taiwan tensions. As China and Taiwan tensions escalate the first event to impact consumers will be the effects of a shipping insurance increase for transport within the South China Sea.
Global net zero carbon emission target. Carbon-intensive energy generation for expanding populations doesn’t positively impact the environment. A change had to happen.
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Energy security options
Global electrification from sustainable sources will improve energy cost stability, but we must transition, which means investment and growth. In the same way that we couldn’t imagine a present without cars. 100 years ago we transitioned away from horse drawn transportation systems. Energy generation from sustainable sources is the long-term global approach towards achieving a balance of economic prosperity derived from energy.
Solar power provides an improved level of energy security by harnessing the daily rain of photons delivered to the earth. Make one investment upfront and produce energy from the sun, free from market volatility.
Avoid exporting excess solar energy to the grid. Improve energy security by adding a solar battery to store energy from the sun for use in the evenings.
Add a solar-connected electric vehicle charger for an electric vehicle that will be 80% of new car sales by 2030. Certain EV chargers can charge an electric vehicle solely from excess solar energy exported to the grid or from selected lower-cost time-of-use tariffs.
Home plan (A1)
Average bill cost (25 units per day)
Average bill cost (25 units per day) with 6.6 kW solar
Factoring 60% of a 6.6 kW solar energy system utilisation that generates an annual daily average of 30 units per day and excludes potential DEBS (Distributed Energy Buyback Scheme) credits should energy dependency remain steady.
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Reducing your energy dependency
Unless acknowledged, your energy dependency will continue to grow each year. That’s the way any thriving first-world economy is geared, and almost impossible to avoid living everyday life. How you use your power today is entirely different from how it was ten years ago, and it will likely be different in ten years more.
Here’s an interesting experiment. Ask yourself how many of the following devices are a part of your everyday world:
- Game consoles
- Benchtop kitchen appliances (Thermomix, microwave, toaster, kettle, air fryer)
- Power tools
- Battery/electric gardening tools
- Pools & spas
- Air conditioners
- Fridges & freezers
- Drone charging
- Smart home devices (Google Home, Alexa etc)
- Hot water
- Reticulation pumps
Now, put a quantity next to each within your home and consider how many of these devices existed ten years ago in your home. It’s not an overnight occurrence but an ongoing gradual accumulation that will continue to increase unless kept in-check.
A solar energy system with an energy consumption monitor can ensure you can visually identify energy dependency increase over time while mitigating their effects on your Synergy electricity rates during the day.
Without investing in a solar energy system, Solar Analytics is a remarkable Australian-based energy monitoring solution with selected 3rd party devices. Renowned for its slick user experience, Solar Analytics has the ability to go deep, revealing greater insights over convention monitoring platforms.
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