Down, down, regional power prices are down

Regional Queensland household power bills will fall for the third year in a row from 1 July, by $84 for households and by $75 for small businesses.

Speaking in Mackay today, Energy Minister Dr Anthony Lynham said this was welcome news for households and business in regional communities as Queensland works to recover from COVID-19.

“Queensland is fighting back from COVID-19, and cost of living relief for households and business cost relief for employers are important,” Dr Lynham said.

“The Palaszczuk Government has always been focussed on putting downward pressure on power prices.

“Today’s news --- the biggest drop in 15 years --- tops off a range of rebates and relief measures we already have in place to help Queensland recover.

The prices were released today by the independent Queensland Competition Authority in its determination of regulated power prices for regional Queensland for 2020-21.

It is the third year in a row that regulated regional power prices have dropped, and the largest fall in 15 years. Over the past three years, this will represent savings of $166 for a typical regional household and around $299 for a small business.

This comes on top of two individual $50 dividend payments over the past two years and $200 COVID relief off utility bills (power and water) and $500 for small business.

In 2019-20 the Government allocated around $500 million to subsidise regional power bills to ensure regional Queenslanders pay a similar price for power as their SEQ cousins.

Dr Lynham said the government had also locked in another two annual $50 dividend payments for the next two years.

“Queensland has the energy trifecta: lowest average wholesale prices on the eastern seaboard, reliable supply and a planned transition to a renewable future,” he said. 

“We are forecast to reach 20 per cent renewable generation this year and we are on target to reach 50 per cent by 2030. 

“Our publicly-owned clean energy generator CleanCo will continue this growth with its remit to bring on an extra 1000 megawatts of clean energy by 2025.

“Our renewable energy revolution is important to power bills, as the QCA notes that more renewable energy is contributing to lower wholesale prices.”

“We can do this because Queenslanders own our energy assets.”

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Media inquiries: Jan Martin 0439 341 314