The final determination of regulated retail electricity prices for regional Queensland to apply in 2021-22 has been announced by the Queensland Competition Authority (QCA).
Chair of the QCA, Flavio Menezes said prices for most tariffs would be lower, including all the main residential and small business tariffs.
“The reductions in tariffs are mainly due to projected decreases in retail and energy costs,” Professor Menezes said.
“Overall, the prices result in a 7.3 per cent decrease in the annual bill for a typical customer on the main residential tariff (tariff 11) and a 3.7 per cent decrease for the typical customer on the main small business tariff (tariff 20).”
However, he cautioned bills would vary for individual customers, based on their level of electricity usage.
“The annual bill for a typical customer on the main regulated residential tariff is projected to decrease by $101, from $1,372 to $1,271,” Professor Menezes said.
“For the typical customer on the main regulated small business tariff, the annual bill is projected to decrease by $79, from $2,164 to $2,085,” he said.
“It is important to note prices are set in accordance with the Queensland Government’s uniform tariff policy, which means most regional customers pay less for electricity than it costs to supply them.”
Prices set out in the determination will apply from 1 July.
Minister for Energy, Renewables and Hydrogen, Mick de Brenni said the Government’s plan to deliver cheaper, cleaner energy was in action.
“An affordable, reliable energy supply underpins our economic recovery and today is further proof renewables is playing a central role,” Mr de Brenni said.
“For the fourth year in a row, Queensland’s renewable revolution is driving power prices down across the State.”
The QCA’s 74-page Determination can be accessed at this PS News link.
