QMEB » Savings to flow as first retailers sign up to Palaszczuk Government’s Affordable Energy Pledge
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Savings to flow as first retailers sign up to Palaszczuk Government’s Affordable Energy Pledge

 

Two Queensland electricity retailers have immediately agreed to sign Premier Annastacia Palaszczuk’s Affordable Energy Pledge following a meeting with representatives from 14 retailers at Parliament House.

The Premier said the meeting was a productive step towards ensuring all Queensland households, small businesses and farmers receive the savings achieved through her Government’s comprehensive measures to cut power bills.

“Origin and Alinta have immediately signed on to my Queensland Affordable Energy Pledge, and I have asked other retailers to get back to me by close of business Friday,” the Premier said.

“That pledge commits retailers to pass on the savings from government intervention that have been identified through the ACIL Allen report, as well as passing on in full the $50 asset ownership saving off household customer bills over each of the next two years.

“I’m pleased to say that today’s discussions have been very positive and productive.”

Minister for Energy Mark Bailey said today’s meeting completed a three-pronged attack on making Queensland power bills more affordable.

“We’ve already moved to reduce the impact of costs from our transmission cost, and to slash wholesale generation costs through our Powering Queensland Plan announced in June,” Minister Bailey said.

“Now we’re dealing with the third component of power bills – the amount charged by electricity retailers.

“We’re the only Government in Australia that can do this, because we’re the only Government in Australia that owns these power assets.”

The Premier said the option of re-establishing a publicly owned retailer remains live if retailers do not sign up to the Affordable Energy Pledge, a copy of which is below.

“Moving forward, I am asking the Queensland Competition Authority to monitor retailers’ pricing on a quarterly basis to ensure these savings continue to be passed on,” the Premier said.

 

This week’s meeting was attended by representatives of the following retailers:

AGL Powerdirect

Alinta Energy

Qenergy

Red Energy/Lumo

Energy Queensland

Energy Australia

Origin

ERM Business Energy

Locality Planning Energy

Simply Energy (Engie)

Powershop

Mojo

Click Energy

Dodo Power and Gas

Australian Energy Council

 

Queensland Affordable Energy Pledge

1. Pass on, in full and display on bills to customers the savings in the Government’s Affordable Energy Plan, including the rebate of $50 a year for every household bill over the next two years, starting from January 2018 and evident on bills from the second quarter of 2018

2. Pass on savings from government intervention that have been modelled by ACIL Allen. The report is available at http://statements.qld.gov.au/Statement/2017/10/24/stopping-lnp-electricity-privatisation-lowers-electricity-prices-study

3. Fully co-operate with a new Queensland Competition Authority investigation, under the Electricity Act 1994, into electricity bills paid by residential customers in the deregulated south-east Queensland market and comparisons with the regulated market in regional and rural Queensland; and

4. Assist with advising consumers of electricity concessions available for pensioners, seniors and health care card holders.

The Premier will publicly announce which retailers adopt the Queensland Affordable Energy Pledge by electricity retailers, so Queensland customers know if their retailer has made the commitment.

The Premier has also reaffirmed that the Queensland Government reserves the right to re-establish a government-owned retailer, and attract other private sector retailers into the market, to provide additional competition and apply further downward pressure on electricity prices in the deregulated electricity market of south-east Queensland.

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