Electricity bills are expected to fall in the second half of 2021 and beyond according to the Australian Energy Regulator (AER) which has released for public consultation its draft determination for the Default Market Offer for 2021-22.
The Default Market Offer protects customers from excessively high standing contracts and also acts as a reference price, making it easier for customers to shop around and compare offers from different retailers.
The AER signalled further substantial price reductions for households and businesses across NSW, South-East Queensland and South Australia.
Under the AER’s draft determination, residential customers on standing offers in NSW could save as much as $136 a year on their electricity bills compared to 2020-21.
Those in South-East Queensland could be better off by $69 a year, while households in South Australia stand to save as much as $117 a year.
Minister for Energy and Emissions Reduction, Angus Taylor said the price falls were a result of action taken by the Government to deliver affordable, reliable energy for Australian households and small businesses.
“These are significant reductions to the cost-of-living pressures faced by hard-working Australians,” Mr Taylor said.
Public submissions on the Default Market Offer draft determination are to close on 18 March.
The AER is expected to release the final determination in late April.
Further information on the draft determination is available at this PS News link.
