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QCA report shows competition is cutting power bills

Potential savings continue to grow for discerning electricity shoppers in the south-east corner.

Energy Minister Dr Anthony Lynham said a report today from the independent Queensland Competition Authority showed by shopping around to find the best deal, households could save an average of $204 and business an average of $332 off their power bill annually. Read the report

“The latest independent report shows the Palaszczuk Government has pulled the right energy policy levers by increasing competition in the retail market to bring down power prices,” Dr Lynham said.

“This downward trend in savings is continuing, with retailers flooding the market with even lower market offers from July.

This is the third decrease in 12 months which further demonstrates our energy policies are working.

“But to receive these savings, south-east Queensland customers must contact their retailer to change offers or shop around for a better deal.”

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 continues to attract competition by other retailers.

“Our game changer venture with Alinta Energy is one of the triggers that has stimulated competition and seen consumers winning with lower power prices,” Dr Lynham said.

“Regional Queenslanders will also win electricity bill savings, because government will invest almost half-a-billion dollars this year to keep regional and SEQ prices on a par.

“Our $2 billion Affordable Energy Plan continues to place downward pressure on power prices.

“From 1 July, major retailers reduced prices by between 1.3 per cent and 3.8 per cent in SEQ, and by 1.3 per cent in regional Queensland.

“Some of the smaller retailers had even higher price reductions, with one SEQ retailer offering a 12.8 per cent reduction.

“We are well on track to deliver on our commitment to a two-year cap on electricity price rises to average inflation.”

Under its Affordable Energy Plan, the government is also providing:

  • a $50 annual rebate over the next two years, as a dividend for customers from the publicly-owned electricity businesses
  • interest-free loans for eligible households to install solar panels

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