Regional Queensland forecast for record power prices fall

Power prices for regional Queensland households are set to drop, the biggest cut in more than a decade.

The Queensland Competition Authority (QCA) has today published its draft determination for Regulated retail electricity prices for 2021-22 for stakeholder consultation with regional households tipped to benefit from reduced power bills from July 1.

Premier Annastacia Palaszczuk welcomed the draft determination that could see household energy accounts better off by $119.

Subject to consultation on the draft determination and a final decision by the QCA, the Premier said it would be the biggest cut for households in more than a decade.

“For the fourth year in a row, the QCA has flagged that 2021-22 regional electricity prices are set to fall,” the Premier said.

“Typical regional households are set to see their biggest cut in more than a decade—saving 8.6 per cent, or $119 and small businesses are on track to save 5 per cent or $109 per year.

“We know that any money saved for families in cost-of-living pressures is crucial to a post-COVID economic recovery, so this is great news for regional Queenslanders.”

Minister for Energy Renewables and Hydrogen Mick de Brenni said this was good news for businesses as we unite and recover from COVID-19.

“These will be the lowest bills for small regional business since 2012-13,” he said.

“And large businesses on standard tariffs also look set to benefit, with annual bills set to decrease by between 6.5 per cent and 8.3 per cent.”

Minister de Brenni said regional households also had another $50 asset ownership dividend to look forward to in late-2021.

“Over the past year, two million Queenslanders have received $250 to help with their utilities and farmers and small business have received $500,” he said.

“More help is set to come for households with another $50 will be delivered right into the pockets of Queenslanders in the second half of this year with the rollout of the next $50 asset ownership dividend.”

Minister de Brenni said the QCA noted that predicted price drops were largely due to cheaper and cleaner energy generation from renewables, which were also keeping Queensland on track toward 50 per cent renewables by 2030.

The QCA draft determination is open for submissions until 23 April 2021, with the final determination expected to be released by 11 June 2021, to then come into effect with the new financial year. To provide feedback on the draft determination visit: www.qca.org.au/submissions.

ENDS

Media contact: Rosie Gilbert 0466 834 330