Electricity prices will stabilise in 2015-16 following a determination today by the Queensland Competition Authority (QCA), the body which sets the price electricity companies can charge consumers.
Treasurer Curtis Pitt and Minister for Energy and Water Supply Mark Bailey said the flattening of prices after a 43 per cent increase in average power bills over the last three years would be a welcome relief for households and small businesses.
“Small businesses will save between $73 and $135 on annual power bills, depending on their level of energy use and the tariff they are signed up to,” Mr Pitt said.
“We know that a lot of households have been struggling to make ends meet with the massive power price hikes they had to endure under the LNP.
“Seeing a small reduction – rather than an increase – will provide some relief to family budgets.”
Under the QCA’s new price determination, the average Queensland household will see a reduction in their power bill of around 0.5 per cent starting from July 1.
“Farmers and irrigators on transitional business tariffs will remain at the same price as 2014-15, after seeing rises of 10 per cent a year under the LNP’s watch,” Mr Bailey said.
But while the majority of households would benefit from lower power bills, some customers may still see an increase.
“The QCA’s increase to the supply charge will impact on some customers using a small amount of electricity, but this will be offset by a significant reduction in consumption charges, which are the main component of bills for most customers,” Mr Bailey said.
“We welcome the QCA decision and the savings it will deliver Queenslanders.”
The Queensland Competition Authority’s final determination for 2015-16 electricity prices is available online.
Has someone been to America and has seen how cheap electricity is there?