Record electricity price falls … ABS finds unheard-falls two quarters in a row

In Energy, Featured, Government/Policy, Latest News

The Palaszczuk Government’s commitment to continuing downward pressure on electricity prices was reflected in ABS statistics which showed a 4.8 per cent drop in prices in Brisbane in the last quarter.

“This is in stark contrast to a 1.8 per cent increase recorded nationally in the latest Consumer Price Index figures,’’ Energy Minister Dr Anthony Lynham said yesterday.

“These figures very clearly show that our measures to ease the pain for electricity users are working and we have only been able to achieve this because our electricity assets, unlike other states, remain publicly-owned.”

“Prices for electricity have now fallen in the last two quarters – the first quarterly falls in electricity prices in Brisbane.

“The annual increase during the LNP’s term peaked at 18.9 per cent. The price of electricity increased nearly 40 per cent during that period.

“During the Palaszczuk term of Government, the price has increased just 3.2 per cent.’’

Today’s ABS report, which compared eight capital cities, (Page 9) said:

“The rises are partially offset by falls in electricity (-4.8%) and international holiday travel and accommodation (-3.6%). The fall in electricity prices is due to discounting by energy retailers.’’

“Our $2 billion Affordable Energy Plan is well and truly kicking in for Queenslanders,’’ Dr Lynham said.

Under its Affordable Energy Plan, the government is providing:

  • a two-year cap on electricity price rises to average inflation
  • a $50 annual rebate over the next two years, as a dividend for customers from the publicly-owned electricity businesses.

South east Queenslanders also have been encouraged to shop around and choose the electricity retailer that offers the best deal.

Almost every SEQ electricity retailer signed up to the Affordable Energy Pledge to pass on all the savings to consumers that the government is making in our publicly-owned electricity system.

“Further proof that we are on the right path also came from the Queensland Competition Authority which flagged prices to drop in regional Queensland by up to 4.3 per cent following their draft determination. A final determination will be released on 31 May,’’ Dr Lynham said.

“If the final decision reflects the draft, regional households could expect to see a 2.3 per cent drop in their annual power bill in the next financial year, or an average of $35.

“Regional small businesses could see a drop in their power bill of 4.3 percent, or $110.

“Our Affordable Energy Plan continued to provide cost of living relief, including the EasyPay Rewards of $75 for regional households and $120 for regional small businesses if they adopt Ergon Energy’s monthly direct debit billing.

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