Up to 168,000 low-income earners could be up to $531 a year better off thanks to the South Australian Government’s new bulk-buy power deal with Origin Energy.
Under the deal, South Australians who receive concession payments will be able to opt in to receive discounted energy after Origin won the tender process, The Advertiser reports.
Premier Jay Weatherill said many of the 168,000 were still on standing contracts – where consumers were automatically placed after the sale of the Electricity Trust of SA.
Modelling showed those who had standing contracts stood to save between $231 and $531 annually.
Those currently on market offers will receive a significantly lower discount of $133.
The deal is not compulsory, however, Mr Weatherill said it would be easy to opt-in, simply requiring a signature on a letter to be mailed out to everyone on concession payments.
Mr Weatherill said the deal provided “real cost of living relief to those who need it most”.
“For the 168,000 South Australian households on lower incomes, a saving of up to $531 is a significant boost to their budget,” he said.
“It’s a saving that will make their lives that little bit easier.”
The discount comes as new figures show high electricity prices have been acting as a drag on the economy as Australians avoid non-essential spending.