June 25, 2020
Regional power bills will drop by an average $84 a year for households and $75 for small businesses in 2020-21, the State Government announced on Thursday.
The latest cut is the third year in a row electricity prices have fallen.
The new prices were released by the Queensland Competition Authority in its determination of regional Queensland regulated power prices for 2020-21.
Speaking in Mackay, Energy Minister Dr Anthony Lynham said the price reduction was welcome news for regional households and business.
“Queensland is fighting back from COVID-19, and cost of living relief for households and business cost relief for employers are important,” Dr Lynham said.
“Today’s news – the biggest drop in 15 years – tops off a range of rebates and relief measures we already have in place to help Queensland recover.”
He said reduced prices over the past three years had led to savings of $166 a year for a typical regional household and around $299 a year for a small business.
“This comes on top of two individual $50 dividend payments over the past two years, and $200 COVID relief off utility bills (power and water) and $500 for small business,” Dr Lynham said.
He said the government had also locked in another two annual $50 dividend payments for the next two years.
“Queensland has the energy trifecta: lowest average wholesale prices on the eastern seaboard, reliable supply and a planned transition to a renewable future,” he said.
“We are forecast to reach 20 per cent renewable generation this year and we are on target to reach 50 per cent by 2030.
“Our publicly owned clean energy generator CleanCo will continue this growth with its remit to bring on an extra 1000 megawatts of clean energy by 2025.
“Our renewable energy revolution is important to power bills, as the QCA notes that more renewable energy is contributing to lower wholesale prices.
“We can do this because Queenslanders own our energy assets.”