Telstra has reportedly seen its power costs increase by $100 million in the past year, with a senior executive calling on Industry Minister Arthur Sinodinos for urgent action to address Australia’s energy crisis.
This follows a recent decision by the Federal Court to increase NSW electricity prices by $3 billion over the next few years, on top of rising wholesale prices.
According to Telstra, the company is trying its best to take matters into its own hands, responding to increasing prices through a range of initiatives to reduce its carbon footprint, as well as technology to assist in efficient energy management.
Australian Industry Group (AIG) chief executive Innes Willox has stated that some large companies in southeast Australia have seen electricity bills quadruple from one contract to the next. He has warned that without intervention, Australia may see significant de-industrialisation in the next few years.
“The closure of Hazelwood and its ill-thought-through consequences, the dramatic rise in domestic gas prices and a rise in network costs are contributing to massive energy cost pressures on industry,” he told The Australian.
“Given the mess that has been created, there are no clear short-term fixes but at the very least industry urgently needs backing from government around energy efficiency measures.”