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Posted: 2023-06-27 06:51:14

WA households will receive an extra $28 electricity credit after Synergy agreed to a $30 million fine for unlawfully overcharging some industrial customers.

The utility was last year found to have artificially inflated prices more than 11,000 times between 2016 and 2017.

The state's Economic Regulation Authority (ERA) claimed it resulted in the power provider's revenues growing between $40 million and $102 million over that period.

WA's Electricity Review Board was planning further hearings to decide Synergy's penalty for those breaches but has now reached an agreement with the ERA.

That agreement involves the fine being paid to residential customers, meaning each household will soon get an extra $28 off their electricity bill.

It comes on top of electricity credits already given by state and federal governments, which will give concession card holders a $500 credit and other households $400.

Regulators claimed Synergy's actions swelled the utility's revenues between $40 million and $102 million.()

All payments are planned to be applied to accounts over coming months.

Gas price behind gouging

At the heart of the issue was Synergy's use of gas contracts to set prices in the state's wholesale electricity market.

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