Australian electricity networks raked in $2bn in ‘superprofits’ from customers, thinktank says

The takings amounted to between $80 and $400 for each customer, including $2bn in the 2022 fiscal year alone

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Electricity network providers raked in $2bn from customers in “superprofits” in just one year, or 2.5 times the level needed to compensate shareholders for risk, the Institute for Energy Economics and Financial Analysis claims in a new report.

Building on an assessment published a year ago, Ieefa found network firms had extracted about $11.1bn since 2014, including $2bn in the 2022 fiscal year alone. That sum was in addition to permitted “normal” profits of $16bn over those years.

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