Elysian Energy has warned customers their bills will soon increase by at least 100 per cent

A second energy retailer has taken the unusual step of telling customers they should consider leaving because their bills are about to rise dramatically.

A second energy retailer has told its customers electricity prices are about to double and urged them to consider leaving in another worrying sign for the market.

Elysian Energy has written to customers saying it has been absorbing massive hikes to the power it purchases from the network and the added costs for consumers will soon increase by at least 100 per cent.

They say the nation’s energy crisis has pushed up wholesale prices by as much as 200 per cent.

Earlier this week, ReAmped Energy told its 70,000 customers to get out now because the retailer said it would need to double its bills because of similar issues.

Electricity bills for Elysian customers will soon increase by at least 100 per cent.

The financial stress is being felt particularly hard by boutique retailers who do not generate their own energy and must bear the shocks of rising market pressures created by floods, inflation and supply chain problems.

“As you may have seen in recent media reports, we are currently in the midst of a global energy crisis, with energy prices rising to their highest levels in some decades,” Elysian Energy wrote to customers.

“Over the last two years, we have endeavoured to keep power prices as stable and predictable as possible - absorbing many of these cost increases ourselves over that time

“With wholesale energy prices (the price Elysian Energy pays for electricity) increasing by upwards of 200 per cent in recent months, we finally have to change our prices to reflect this unprecedented increase in our costs.

Wholesale energy prices have increased, meaning the cost will be passed on to customers.

“We understand the pressure and impact this unprecedented situation can generate on the finances of many households, for this reason, we encourage our customers to explore the market offers available at Victorian Energy Compare to ensure you are on the plan that best fits your budget and energy needs.”

Opposition frontbencher and Liberal candidate for Berwick, Brad Battin, was among those who received the notice and said it was a worrying sign.

“My biggest concern is retailers getting to the stage where they can’t make money and pulling out of the market, decreasing competition and forcing prices up even higher,” he said.

“Families in growth corridors across Victoria already have enough cost pressures, and now to see energy going up by as much as 100 per cent will send shockwaves through the community.

“The impact on business will be disastrous if they are forced to close or reduce staff in an already struggling market.”

Customers have been urged to shop around for other plans and explore what energy concessions might be available to them.

Elysian Energy also encouraged customers to consider whether it was a good time to invest in solar panels to help feed into the grid.