REGIONAL households will see the largest fall in power prices in a decade following today’s Queensland Competition Authority price determination.
Typical bills for regional households will fall by 1.3 per cent and by 3.4 per cent for a small business., equating to around 5.5 cents a day in savings.
Energy Minister Dr Anthony Lynham said it’s the second time in three years that households and small businesses will see a cut in their power bills.
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“This determination complements decisions already undertaken by the Palaszczuk Government that have placed downward pressure on electricity prices,” Dr Lynham said.
“The QCA lower power prices will be welcome relief to regional households which will pocket around $20 and small businesses around $86.”
Dr Lynham said the government’s strategy to ease the pressure on consumers included directing our network businesses not to appeal the Australian Energy Regulator’s decision – resulting in network prices decreasing for four years in a row.
“The QCA also agreed that the Government’s direction to Stanwell Corporation to adjust its bidding behaviour, and returning Swanbank E power station to service has decreased wholesale prices, following the massive increases that occurred under the LNP Government,” he said.
Dr Lynham said the Palaszczuk Government had made a commitment to Queenslanders to keep power bill increases below inflation over the next two years.
“This latest determination again confirms that we are ahead of the game,” he said.
“We know Queenslanders continue to experience cost of living pressure, and we are also helping people to save through our Affordable Energy Plan.
“Because of the initiatives in the Affordable Energy Plan, on average Queensland now has the lowest retail prices of all mainland states in the National Electricity Market.
“These initiatives include the EasyPay Reward of $75 for regional households and $120 for regional small businesses if they adopt Ergon Energy’s monthly direct debit ebilling.
“All Queenslanders, if they haven’t already, also will receive a Queensland Government $50 dividend on their power bill.
“We have been able to do this and will continue to do so, because we own our assets.
“We are stabilising our electricity prices for the benefit of all Queenslanders.”