Regional power prices forecast to fall again
Typical regional Queensland households are tipped to see their biggest power bill cut in a decade, with prices expected to fall by $75 a year from July 1.
Small regional business are also expected to save $116 per year, following today’s draft determination from the independent price regulator the Queensland Competition Authority (QCA).
The QCA has flagged 2020-21 regional electricity prices are set to fall for the third year in a row.
The forecast price fall from 1 July, next financial year, complements measures already announced by the Queensland Government to help with the cost of living.
Under the Queensland Government’s $4 billion COVID-19 relief package announced a week ago, Queensland households will automatically receive $200 rebate off their electricity bill to assist with their household utility costs for electricity and water.
As well, households will receive a further two $50 electricity dividend payments to be delivered over the next two years.
Queensland small businesses will also receive a $500 rebate on their power bill this year.
The rebate will appear on bills in the coming months, depending on individual billing cycles.
Even in this unfamiliar climate, regional Queenslanders could be assured that their power bills were going down.
And if the final QCA decision reflects the draft, regional households will also see a 5.3 per cent drop in their annual power bill in the 2021-2022 financial year and small businesses a 5 per cent drop.
The QCA noted that price drops were largely due to reduced network and wholesale energy costs.
The QCA draft determination is open for submissions until 13 May at www.qca.org.au/submissions, with the final determination expected to be released by late June 2020.
Last updated 31 March 2020