NSW residents and small business owners are set to be hit by massive increases in electricity prices, the state opposition warns.
Labor's shadow treasurer Ryan Park said some people's bills would rise by hundreds of dollars per year as at least two major energy retailers raise prices by a reported average of about 10 per cent from Friday, July 1.
Mr Park blamed the Baird government for the price hike, citing its recent tribunal challenge to prevent the Australian Energy Regulator from reducing power prices.
"This government spent taxpayers' money to stop the Australian Energy Regular, who was trying to bring prices down," Mr Park told AAP on Thursday.
"That's extremely disappointing, and residents have got every right to be very angry at (Premier) Mike Baird today."
However Energy Minister Anthony Roberts said his government's decision to deregulate retail electricity prices in 2014 had benefited both families and small businesses by increasing competition.
This was confirmed by an Australian Energy Market Commission report released on Thursday, he said.
"It's clear the NSW electricity market is increasingly competitive, and shopping around to find the best deal pays off," Mr Roberts said in a statement.
Meanwhile consumer advocate Christopher Zinn from the FiftyUp Club group said there were a number of factors involved in the cost blowout, including the rapidly rising wholesale electricity price.
Mr Zinn advised people looking to cut costs to take steps to use less power, and to call their energy supplier to ensure they were on the best possible market offer.
"The best thing that you can do is make sure that you're paying the lowest amount possible for your electricity and also ensuring you're using it as efficiently as possible," Mr Zinn told AAP.