Regional Queenslanders are set to receive some of the largest power bill reductions in a decade, with the state government claiming the savings as definitive proof its long-term Energy Roadmap is working.
The state’s independent economic regulator, the Queensland Competition Authority (QCA), has handed down its final price determination for the upcoming financial year. The report confirms that from July 1, electricity costs will fall by up to 6.9 per cent for regional households and 8.1 per cent for small businesses.
Following the QCA’s independent assessment, Treasurer and Minister for Energy David Janetzki issued a formal directive to the government-owned regional network provider, Ergon Energy, ordering them to pass on the power savings in full to regional customers.
The pricing drops follow a separate, major determination from the Australian Energy Regulator, which delivered default market offer price cuts of up to 10.7 per cent for South East Queensland households and 14 per cent for metropolitan small businesses.
According to the QCA, the steep drop in household expenses is being driven by strong wholesale market fundamentals. Increased baseline availability from Queensland’s coal-fired power stations, a cooling of global gas markets, and accelerating commercial investment in large-scale batteries and grid-connected renewables have successfully driven down input costs.
“What we’re now seeing is the result of the Crisafulli government taking a balanced, disciplined approach to energy,” Janetzki said.
“Our Roadmap backs a pragmatic approach with coal for longer, more gas, and private sector investment into renewables and storage underpinning an affordable, reliable and sustainable energy system.
“At a time when Queenslanders’ hip pockets are feeling the pressure of a national affordability crisis, a drop in power bills is real, tangible, structural cost-of-living relief.”
