Electricity prices in Queensland households will fall by more than $80 for EnergyAustralia customers, the company has announced.
In Queensland, the changes equate to reductions in average annual prices of 3.8 per cent for residential customers and 7.2 per cent ($470 a year) for small businesses.
EnergyAustralia managing director Catherine Tanna said the closure of the Hazelwood and Northern power stations at short notice was a “shock to the market”.
“Ever since, families and small businesses have had a tough time keeping the lights on and their energy costs under control,” Ms Tanna said.
“This is the first tangible sign the pressure on household power bills is easing.
“There’s more to do, but the ingredients are there for an affordable, stable and reliable energy system.”
Customers in NSW will save around $65 a year on the company’s new fixed-rate plan Secure Saver, while prices remain the same for South Australia and the ACT.
Since Secure Saver was launched in October 2017, around 80,000 customers in New South Wales have moved to the plan, a rate of more than 2300 each week.
The plan guarantees no energy price rises – but passes on price falls – in return for a two-year commitment.
“It was 239 days ago we launched Secure Saver because our customers wanted certainty,” Ms Tanna said.
“Secure Saver puts households back in control of their energy bills, but we also know it asks people to make a big commitment to us.”
The announcement by EnergyAustralia follows recent reductions in prices by Origin and AGL of 1.3 and 1.6 per cent for households.
“The trajectory of electricity prices is on the way down in Queensland – just last month regional households saw the largest fall in a decade with bills for regional households set to fall by 1.3 per cent and by 3.4 per cent for a small business,’’ Queensland Energy Minister Dr Lynham said.
Ms Tanna said investments by companies in support of new generation should help stabilise wholesale electricity prices.
EnergyAustralia recently announced it had completed a program to financially underpin development of 500MW of renewable projects on the country’s east coast.
Now, the company is assessing investments to help integrate solar and wind power into the national grid, including 1000MW of potential new gas-fired power plants in New South Wales and a 225-MW pumped hydro project in South Australia.
The revised rates are effective from July 2.