Power prices across Queensland will rise by at least 3.3 per cent.
It could have been higher, though – the Queensland Competition Authority had determined that the price should rise by 7.1 per cent – but the State Government has invested $770 million to cover much of the power bill, and lower the amount passed on to Queensland residents and businesses.
The price rise is also significantly less than that experienced in Victoria, New South Wales, Australia’s Capital Territory, and South Australia where the cost of electricity is jumping by between 10 and 20 per cent.
The State’s Energy Minister Mark Bailey said he’s written to electricity retailers in South East Queensland outlining his very clear expectation that these network cost savings – through the Government’s investment – are passed through in full to customers.
“I will be naming and shaming those who don’t pass this saving on and urging their customers to shop around for a better deal if they do not agree with their retailer’s price decisions.”