A national regulated power price could save households up to $440 off annual power bills, according to a study to be published on Monday, but those who actively seek out discounted offers could find them harder to secure.
A report by the Australian Council of Social Service and the Brotherhood of St Laurence has outlined how the government’s proposed default power price could cut power bills on standing non-discounted offers by between 30 and 40 per cent.
“Our analysis shows that a fair regulated retail price would reduce energy bills for those on bad offers by hundreds of dollars a year,” Brotherhood of St Laurence executive director Conny Lenneberg said.
The Australian Energy Market Commission has forecast an average annual power bill of $1294 for NSW in the 2018/19 financial year and $1375 for Queensland, while Victoria is forecast to have an average power bill of $1096 for 2019.
The report forecast an average saving of $378 a year for households in NSW, $436 annually for Victorians, and $306 for consumers in Queensland if a regulated price in line with market offers and discounts were put in place.
SOURCE: Cole Latimer. “Power bills could drop by a third under a regulated electricity price.” Brisbane Times, February 3, 2019.
Produced by the librarians at the Brotherhood of St Laurence in Melbourne, Australia