A draft determination on regulated retail electricity prices for regional Queensland has been released by the Queensland Competition Authority (QCA) for public comment.
The Draft determination: Regulated retail electricity prices in regional Queensland applies to the 2022-23 year.
Deputy Chair of the QCA, Madeline Brennan said the Draft forecasted higher prices for most tariffs, including all the main residential and small business tariffs.
“The expected increase in Draft prices is mainly due to a projected increase in energy costs, following several years of falling energy costs, which were a driver of price decreases for each of the past three years,” Ms Brennan said.
“Overall, the Draft prices would result in a 4.2 per cent increase in the annual bill for a typical customer on the main residential tariff and a 4.5 per cent increase for the typical customer on the main small business tariff,” she said.
Ms Brennan said the annual bill for a typical customer on the main regulated residential tariff was projected to increase by $54, from $1,290 to $1,344 and for the typical customer on the main regulated small business tariff, the annual bill was projected to increase by $95, from $2,119 to $2,213.
The Deputy Chair said it was important to note prices were set in accordance with the Government’s uniform tariff policy, which meant most regional customers paid less for electricity than it cost to supply them.
“It is likely there will be changes in the final determination,” she said.
“The price estimates in the Draft determination are indicative only, as they are based on information at the time.
“They will be updated for the final determination, based on updated data and feedback from stakeholders.”
Ms Brennan said consultation was an important part of the QCA’s assessment processes and stakeholders were encouraged to provide feedback on the Draft determination before the closing date of 7 April.
The QCA’s 50-page Draft determination can be accessed at this PS News link and submissions can be made at this link.
