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There’s been a lot of drama around Australia’s power network this week. So when will we see an impact on our electricity bills?

An alphabet soup of acronyms has dominated headlines this week, as Australians try to wrap their heads around the energy crisis.

The Australian Energy Market Operator (AEMO) has suspended the National Energy Market (NEM) for the first time ever, to ensure our lights stay on.

The Australian Energy Market Commission (AEMC) is processing compensation claims for generators directed to fire up at a loss, as the costs of making electricity surges.

Meanwhile, the Australian Energy Regulator (AER) and Australian Competition and Consumer Commission (ACCC) are warning retailers not to take advantage of the situation.

But what does it all actually mean for your power bills?

To prevent your brain short-circuiting, we’ve asked the experts to break it down for the average electricity user.

When will people start to notice higher prices?

Lynne Gallagher from Energy Consumers Australia.(Supplied)

Within weeks.

July 1 will herald in a new financial year and higher prices for electricity.

“Mostly the price increases will date from July 1. And it will then be in their first bill after that,” Energy Consumers Australia chief executive Lynne Gallagher says.

She says if you get your bills monthly, you’ll start to see the rises in your August bill.

If you get your bills quarterly, it’ll hit home in September.

Even before this week’s crisis, prices were marching up.

That’s because of changes to – brace yourselves, another acronym — the DMO, or default market offer.

It’s worth noting, the DMO was set almost a month ago, before the skyrocketing wholesale prices on the spot market we’ve seen in recent days.

“The default market offer is a sort of safety-net offer. And those prices are set for 12 months,” Ms Gallagher says.

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