Retail electricity prices could soar by at least 35 per cent in 2023 due to the unprecedented cost of wholesale energy, as the system grapples with the transition to clean energy amid a global supply crisis, power company bosses have told The Australian Financial Review’s Energy & Climate Summit.

“Next year, using the current market prices, tariffs are going up a minimum 35 per cent,” Alinta Energy chief executive Jeff Dimery told the summit in Sydney, with no disagreement from Origin Energy and EnergyAustralia.