EnergyAustralia has announced it is dropping electricity rates for customers in Queensland and NSW.
Average electricity prices across its household customers in Queensland would fall by more than $80 for 2018, and by around $470 a year for its small business customers. Meanwhile, New South Wales customers on the company’s new fixed-rate plan Secure Saver would save around $65 a year.
Average electricity prices for 2018 are flat in South Australia and the Australian Capital Territory. Average gas prices in all states are unchanged.
In Queensland, the changes equate to reductions in average annual prices of 3.8 per cent for EnergyAustralia residential customers and 7.2 per cent for small businesses.
In New South Wales, the average household electricity bill will be effectively flat (declining slightly, by 0.2 per cent). However, households in the state on the Secure Saver plan will get a 3 per cent reduction in their usage and supply charges, or approximately $65 off their annual electricity bill.
“The Hazelwood and Northern power stations shutting on short notice was a shock to the market,” said EnergyAustralia Managing Director Catherine Tanna. “Ever since, families and small businesses have had a tough time keeping the lights on and their energy costs under control.
“This is the first tangible sign that the pressure on household power bills is easing. There’s more to do, but the ingredients are there for an affordable, stable and reliable energy system,” she said.
Ms Tanna said she was encouraged by progress toward the federal government’s National Energy Guarantee, which could provide long-term investment certainty and, ultimately, a more affordable, reliable energy system.