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Electricity and gas prices for EnergyAustralia residential and small business customers will fall after the Federal Senate approved the carbon price repeal, Executive Manager – Corporate Affairs, Clare Savage said today.
With EnergyAustralia no longer required to pay for carbon, the savings will be passed onto households and backdated to 1 July, 2014.
“We understand customers are facing cost of living pressures and the repeal means electricity prices will now drop,” Ms Savage said.
“We have been clear we will pass on the savings to households once the Federal Government stops collecting the tax from us.
“The carbon price removal will impact electricity and gas costs differently for each user as it will depend on their current tariff, where they live and how much energy they use.
“We will notify customers in the coming weeks about the pricing changes and what that will mean for them.”
Ms Savage said work was well advanced on removing the carbon component from the hundreds of different products and tariffs.
“Unfortunately implementing system changes to remove carbon is not as simple as pressing a button - altering prices is a highly complex process and it’s important we make sure the changes are done correctly,” she said.
The carbon component will be removed from prices by mid September. The backdated savings will be provided as a credit on household bills.
Individual credits will flow to customers according to their billing cycle.