Residential electricity price trends report 2021
· Household electricity bills are trending down in all states, with a small rise in the ACT. AEMC Chair Anna Collyer says across the National Electricity Market (NEM), households can expect to pay around $77 less (or 6%) for electricity in 2024 than they do today, reducing prices to their lowest levels since 2017.
· The main reason for the drop is more, cheaper renewable energy flowing to consumers, lowering wholesale costs, and reducing environmental costs in most regions.
· AEMC modelling shows that prices are likely to continue to trend downwards over the next three years, despite the staged exit of Liddell power station in 2022 and 2023, one of the biggest coal-fired generators in the national electricity market. The impact of Liddell is likely to be short-lived.
· We are starting to see increases in the cost of network investments, and this is likely to accelerate over the next decade as more network investment is required to connect dispersed new generation to the grid.
Full national media release below or here.
Jurisdiction media releases and infographics:
