26 September 2023

Canberra’s electric bills to go down

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Canberrans are to save money on their electricity bills next financial year as the Independent Competition and Regulatory Commission (ICRC) releases its annual update of regulated retail electricity prices.

Senior Commissioner at ICRC, Joe Dimasi said that from 1 July, ActewAGL’s regulated (standing offer) tariffs would decrease by at least 1.25 per cent on average.

“The minimum average decrease of 1.25 per cent will translate to an annual bill saving of $23 for an average residential customer consuming 6,500 kWh,” Mr Dimasi said.

“ACT is the only jurisdiction in the national electricity market where regulated tariffs will decline in 2022-23,” he said.

“The average annual bill for Canberrans on standing offers will be the lowest compared to the average standing offer bills faced by customers in New South Wales, Victoria, Queensland and South Australia.”

Mr Dimasi said the price decrease was driven by a decline in the ACT Government scheme costs this year, which more than offset the increase in wholesale electricity costs.

The Senior Commissioner said the cost of the ACT Government’s scheme, including the large-scale feed in tariff, had decreased by 20.07 per cent which contributed -4.04 percentage points to the price decrease.

“The regulated price decreases mentioned only apply to standing offer tariffs,” he said.

“We encourage consumers to regularly compare these tariffs to other offers that are in the market.”

The ICRC’s 33-page Retail electricity price recalibration 2022–23: standing offer prices for the supply of electricity to small customers report can be accessed at this PS News link.

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