Good news for Australian households and small businesses as large energy retailers have announced lower retail prices for energy customers.
EnergyAustralia has today joined AGL and Origin Energy in announcing price reductions, which mean in the coming weeks electricity prices will fall for around 2.8 million households and businesses.
Customers in New South Wales, South Australia, Queensland and the Australian Capital Territory will benefit from the changes, with savings varying by state.
EnergyAustralia’s decision could see households in South Australia save around $67 a year on their electricity bills, while New South Wales residents could be better off by around $20.
Small-to-medium-sized business customers of EnergyAustralia will see falls in average annual electricity costs, ranging from $150 in South Australia to $50 in Queensland.
New South Wales households with EnergyAustralia will on average save $41 on their annual gas bills while businesses will save $369.
These savings come on the back of AGL and Origin Energy announcing electricity price reductions of 1.2 per cent to 5.6 per cent for residential customers in New South Wales, South-east Queensland and South Australia.
The Government has also acted to abolish the loyalty tax and lock in lower energy prices for consumers, with the new Default Market Offer (DMO) price cap coming into effect from 1 July.
Households on standing offers across New South Wales, South-east Queensland and South Australia could be between $500 to $725 a year better off than they were before the introduction of the DMO, depending on where they live. Average small businesses on standing offers could now be saving up to $2,392 to $2,855 a year, while larger energy using small businesses could be saving significantly more than average.
Minister for Energy and Emissions Reduction Angus Taylor said the price reductions come at important time.
“These announcements are a win for Australian families, individuals and small businesses doing it tough right now in the face of COVID-19,” Minister Taylor said.
“COVID-19 is changing the way we live and for many, it is driving up energy use in their homes. Energy bill relief will be welcomed by many Australians.
“With wholesale prices continuing to fall for 10 straight months, energy retailers have an obligation to pass on those cuts to their customers and our Big Stick legislation ensures the energy companies can be held to account.
“The ACCC has also found that second tier retailers are offering some of the cheapest plans in the market. This shows how important it is to shop around.”
Residential and small business energy customers can review the competitiveness of their current energy plans at the Government’s free price comparator site energymadeeasy.gov.au to ensure they are getting the best deal.
