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Energy plan continues to drive down prices

Competition continues to produce budget deals for south-east Queensland electricity consumers – but not all retailers are doing the right thing.

Energy Minister Dr Anthony Lynham today welcomed the news of potential savings of up to $176 a year for shopping around, but committed to cracking down on retailers not meeting the Premier’s Affordability Energy Pledge.

“Most retailers are passing on the savings the Palaszczuk Government has made on energy costs by offering highly competitive deals for consumers to cut their bills,” Dr Lynham said.

“But as the QCA report highlights, most of the SEQ retailers are doing the right thing, but not everyone is offering at least one deal below the regulated price.

“Our Affordable Energy Plan has been placing downward pressure on prices since last year, and we expect all retailers to pass on those benefits, rather than pocket a higher margin at consumers’ expense.

“I will be following up with those who are not doing the right thing.”

The independent Queensland Competition Authority today released its quarterly monitoring report on retail prices in SEQ. The Palaszczuk Government tasked the QCA with monitoring prices and reserved its right to re-enter the retail market if necessary.

Today’s report shows that potential savings continue to grow and that the venture between government-owned CS Energy and Alinta is attracting significant competition by other retailers. A typical SEQ household could now save up to $176 a year by switching power retailers and small business customers could save up to $292 over a year.

Dr Lynham said today’s report added to the evidence that the Government’s actions were putting downward pressure on electricity prices for Queensland’s households and businesses.

On Tuesday, Australian Bureau of Statistics figures showed power prices had fallen 4.8 per cent in Brisbane in the past quarter, compared to a 1.8 per cent national increase.

“Our strong focus on cost of living is paying off,” he said.

“I encourage Queenslanders to shop around and ask their retailer for a better deal because today’s report confirms the savings are out there.

“Falling prices in SEQ also benefit regional Queenslanders because their prices are linked, with government investing up to half-a-billion-dollars a year to keep down regional prices.”

Under its Affordable Energy Plan, the government is also 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
  • rebates of up to $300 for energy efficient appliances so consumers can cut energy usage and bills.

 Download the QCA SEQ market monitoring report.

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