Renewables drive regional power prices down again

Regional Queenslanders will save even more on their electricity accounts from July with renewables driving the biggest drop in power prices in more than 16 years.

The Queensland Competition Authority (QCA) has confirmed the savings in its Regulated retail electricity prices for 2021-22 report, released today.

Minister for Energy, Renewables and Hydrogen Mick de Brenni said the Palaszczuk 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.

“That means even more savings in regional Queenslanders’ hip pockets from July 1.

“Households will save an average $101, while small businesses will pocket an extra $79 – an annual fall of up to 3.7 per cent.”

Chamber of Commerce and Industry Queensland’s Amanda Rohan welcomed the projected decrease in electricity prices for regional businesses.

“We know how important affordable electricity prices are for Queensland's small business community post-pandemic, so any decrease in cost is welcome,” she said.

“CCIQ continues to work with the Queensland Government to deliver the CCIQ ecoBiz program that helps businesses to reduce their energy, water and waste costs.”

Mr de Brenni said the Palaszczuk Government’s $2 billion Queensland Renewable Energy and Hydrogen Jobs Fund would support government-owned businesses to expand ownership of renewable energy generation and storage.

“By owning our power assets and ensuring we maintain a majority ownership share of generation, we will ensure that returns come back to Queenslanders,” he said.

“In fact, more returns are set to come for households with another $50 Asset Ownership Dividend to be delivered right into the pockets of Queenslanders in the second half of this year.”

ENDS

Media contact: Ben Brew 0468 839 551