The draft determination on regulated retail electricity prices for 2021-22 by the Queensland Competition Authority (QCA) has been released, proposing savings for homeowners and small businesses.
Chair of the QCA, Flavio Menezes said the draft determination forecast lower prices for most tariffs, including all the main residential and small business tariffs.
“The expected reductions in tariffs are mainly due to projected decreases in retail and energy costs,” Professor Menezes said.
“Overall, the draft prices would result in an 8.6 per cent decrease in the annual bill for a typical customer on the main residential tariff (tariff 11) and a five per cent decrease for the typical customer on the main small business tariff (tariff 20).”
He said the annual bill for a typical customer on the main regulated residential tariff was projected to decrease by $119, from $1,372 to $1,253.
“For the typical customer on the main regulated small business tariff, the annual bill is projected to decrease by $109, from $2,164 to $2,055,” Professor Menezes 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.”
He said it was likely there would be changes in the final determination.
“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,” Professor Menezes said.
Stakeholders are encouraged to provide feedback on the draft determination and have until 23 April to do so.
The Authority’s 60-page draft determination can be accessed at this PS News link and information on how to make a submission at this link.
