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NewsHere's some rare good news about Power Prices, but not until July...
Here's some rare good news about Power Prices, but not until July...

Here's some rare good news about Power Prices, but not until July...

Tags: Energy Information
Last updated by Someone on

It's not often we get good news about power prices Down Under but there was a glimmer of hope for some states this week.

Electricity prices are expected to fall by an average of 6.2% each year for the next two years starting from July, according to the Australian Energy Market Commission (AEMC).

Victorians are expected to experience the biggest fall in prices by 8.2% a year between 2018 and 2020, but not before a price increase of around 10-15% next month.

They're also predicting a drop of 7.3% p.a. in South Australia, 7.1% in Queensland, and 6.6% in New South Wales - but WA prices will rise by 6.3 % each year. 

The changes don't start until July, though - so make sure you're on a cheap plan before the big summer bills kick in!

Click here to see Mozo's top energy offers for Summer

Click here to see the special offer for members in NSW

 

Predicted Electricity Price Changes 2018-2020 (Source: aemc.gov.au)

STATE 2018-2020 CHANGE
NSW 6.6% DECREASE
QLD 7.1% DECREASE
VIC 8.2% DECREASE
SA 7.3% DECREASE
WA 6.3% INCREASE

AEMC chairman John Pierce said this year’s report showed wholesale electricity costs were now the single biggest driver of change in residential electricity bills, compared to previous reports which found network costs were the main driver.

Extra supply provided by wind and solar is another contributor to the predicted price drop, however the AEMC warns the government must continue to refine its energy policies to ensure these price reductions occur.

“It’s welcome news for households and businesses in Australia, we’re finally seeing some relief potentially from rising electricity prices,” says Matthew Warren, Australian Energy Council.

Originally posted on .

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Mark
Mark from QLD commented:

Listening to 2GB the other day, they were talking about Nuclear power. By the end of the interview I was convinced this is our answer. One drum of nuclear can power an area for a whole year. One DRUM!!!! No emissions low cost. Would never run out of the stuff as we are shipping it to other nuclear powered countries. Get on board people!! 

Anthony
Anthony from NSW commented:

Personally I don't believe the predictions and that all it is a prediction. Until the Fed/State Govts come up with a sustainable electricity plan more blackouts and price hikes are inevitable. Well that my 20 cents worth.. 

Nick
Nick from WA commented:

Why the 6.3% increase in WA? 

Someone
Someone from WA commented:

So why is WA the only state to get an increase - and every year? That’s so unfair. We are already struggling to pay what we do now. 

Joanne
Joanne from VIC commented:

So if our bills are increasing by 10-15% next month, then by 2020 are going down by 8.2%, that means by 2020 our bills are going to be dearer than what they are now. Good move power company's. I suppose Dan will be throwing his chest out & telling everyone how wonderful his is. 

Lyn
Lyn from QLD commented:

not in far north queensland though, again 

Someone
Someone from VIC commented:

How much will we save in dollar terms? 

margaret
margaret from NSW commented:

Now that is an interesting thought. I wonder if any other members would be interested in this information. Some times one finds the 'fine print' means that what you assume is meant, and indeed what any fair, honest, non 'Tricky Dicky' person would assume is meant, is simply not what will happen. Often not all components of the bill are included so the real dollar savings are not what you thought they would be. 

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