A flat lay of a calculator, an electricity bill and a mobile phone displaying an ABC article about electricity prices.

There has been a lot of drama around Australia’s power grid 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 make sense of the energy crisis.

Australia’s Energy Market Operator (AEMO) suspended the National Energy Market (NEM) for the first time, to make sure our lights stay on.

The Australian Energy Market Commission (AEMC) is handling compensation claims for generators having to start at a loss as the costs of making electricity rise.

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

But what does all this really mean for your electricity bills?

To prevent your brain from shorting out, we asked the experts to break it down for the average electricity user.

When will people start noticing higher prices?

Lynne Gallagher of Energy Consumers Australia.(Provided)

In a few weeks.

July 1 will herald a new fiscal year and higher electricity prices.

“Most of the time the price increases will be from July 1. And then it will be in their first bill,” said Lynne Gallagher, chief executive of Energy Consumers Australia.

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

If you receive your bills quarterly, they will arrive home in August or September.

Even before this week’s crisis, prices were rising.

It’s because of changes to – brace yourself, another acronym – the DMO, or default market offering.

It should be noted that the DMO was set almost a month ago, before the spike in wholesale prices in the spot market that we have seen in recent days.

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

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