Qld could see further energy price reductions as soon as next year
As existing savings from the Queensland Government’s Affordable Energy Plan continue to flow, Queenslanders could save a further $58 on power bills each quarter from next year.
Energy Minister Anthony Lynham said these slashes to energy prices come from reductions in distribution changes proposed by Energy Queensland (EQL) from 2020.
“If the Australian Energy Regulator accepts these proposals, this means further savings for Queensland families,” he said.
The reductions could see household charges lowered by around 10% and small businesses’ by around 11%. These savings are on top of the Government’s Affordable Energy Plans current $50 annual rebate.
“Electricity prices in Queensland are now, on average, the cheapest of all mainland states in Australia,” Lynham said.
EQL recently submitted the proposal to the independent Australian Energy Regulator (AER) revealing network investment plans for 2020 to 2025.
In its submission, Energy Queensland hoped to reduce overheads by 10%, through a combination of things like material and contract savings and a big focus on “digital transformation” with new technology.
The digital overhaul will be supported by a $403 million investment in information and communication technology, security and cost-friendly energy alternatives, including home battery systems. As a result, these improved operational technology systems would underpin an increased demand for solar power.
“Each state government should be taking a page out of Energy Queensland’s proposal and keeping everyday Aussies in mind when it comes to streamlining energy costs,” Mozo Director, Kirsty Lamont said.
The AER is expected to make a final determination on the proposal by April 2020.
But you don’t have to live in Queensland or wait around for savings, take our energy cost cruncher for a spin to see if you’re getting the best possible deal on your electricity.