Homes and businesses will start to feel some relief from soaring power bills within months, despite slight increases in regional NSW and south-east Queensland.
Homes and businesses will start to feel some relief from soaring electricity bills within months, as authorities move to cut prices for hundreds of thousands of customers on the eastern seaboard by as much as 10 per cent for the first time in two years.
From July 1, default offers will fall by between 1.9 per cent and 3 per cent in Sydney, and 2.5 per cent in South Australia, the regulator said. Offers would increase slightly by 0.9 per cent, or $22 a year, for customers in regional NSW, and by 2.7 per cent, or $53, in south-east Queensland. Australian Energy Regulator chair Clare Savage said the draft determination had placed “increased weight” on protecting consumers amid a challenging economic environment.“We know that economic conditions have put pressure on many Australians and the increases in electricity prices over the last two years has made energy less affordable for many households,” Savage said.
It also maintains that the pledge was to reduce average bills compared to what they otherwise would have been without its policies. The regulator last year stated that the 2023-24 default price rises would have been up to 50 per cent higher were it not for the Albanese government’s introduction of emergency laws to place temporary caps on local fossil fuel prices.
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