Majority of energy prices to fall or remain steady

Average electricity rates for the majority of EnergyAustralia’s residential and business customers on a market contract in New South Wales, South Australia and Queensland will fall for 2021/22, reflecting lower wholesale prices.

For households, the reduction will mean average annual savings on electricity costs of between $44 and $112 in New South Wales, around $60 in Queensland and $114 in South Australia.

Prices will slightly increase for households in Victoria by between $6 and $56 a year depending on a customer’s tariff type, due to the regulated amount network businesses, who manage the poles and wires, charge for transporting electricity.

In the Australian Capital Territory, electricity prices for an average household will increase by $197 a year to ensure ACT electricity is sourced from 100 per cent renewable sources.

Changes announced today follow EnergyAustralia’s annual review of electricity and gas retail market costs.  Pricing was effective on 1 July 2021 for Victorian time-of-use customers and will come into effect in all other areas on 1 August.

EnergyAustralia Chief Customer Officer Mark Brownfield said:

We’re pleased that the majority of EnergyAustralia customers on a market contract will see savings reflected in their next energy bill. We hope this provides some relief – especially for those who might be experiencing continued hardship arising from the coronavirus pandemic.

We look to keep energy costs as low as possible for customers, as well as offering advice and options that help to reduce consumption and provide greater control.

Although customers in Victoria and the Australian Capital Territory will see an unavoidable increase to their bills, we encourage them to contact us to ensure they’re on the best plan to match their circumstances.

For customers on a standing offer tariff, commonly known as a default offer, we encourage them to call as we are confident there are additional savings they could be making.

Lastly, we urge any customer who might be struggling with their energy bills as a result of COVID-19 to reach out immediately – we have a variety of support options available, including payment plans, extensions and a stay-connected guarantee.

-ENDS-

Notes to editors: 

• Household electricity prices will decrease by 2.8 per cent (around $62) for the average residential customer in New South Wales, 2.9 per cent (around $60) in Queensland and 4.7 per cent (around $114) in South Australia.
• For small-to-medium-size businesses, electricity prices will decrease on average by 3.3 per cent in New South Wales (around $194), 2.5 per cent in Queensland (around $134), 3.1 per cent in South Australia (around $157) and 1.8 per cent for Victorian time-of-use tariff customers (around $105).
• Household electricity prices will increase on average by 0.24 per cent for Victorian time-of-use tariff customers (around $6), 2.5 per cent for Victorian flat rate tariff customers (around $56), and 10.7 per cent for customers residing in the Australian Capital Territory (around $197).
• For small-to-medium-size businesses, electricity prices will increase for Victorian flat rate tariff customers on average by 2.10 per cent (around $91) and 14.9 per cent for customers residing in the Australian Capital Territory (around $1,108).
• Reductions in wholesale energy costs are being passed on to customers. In most states, they have been partly offset by an increase in the regulated amount poles and wires network businesses charge for transporting electricity around Australia.
• Green costs are slightly higher due to the forecast small-scale technology certificates obligation, under which retailers buy energy certificates at a fixed price to meet requirements in line with the Renewable Energy Target and other legislation.
• Changes to Victorian prices is a result of network businesses updating their tariff structure and increasing rates, which has been passed on to customers. 
• Meanwhile, in the Australian Capital Territory, the increase is due to a 36 per cent rise in network costs to ensure ACT electricity is sourced from 100 per cent renewable sources.
• Pricing changes announced today do not impact customers who are still within their contract period. These customers will receive a communication about their pricing options once their contract term ends. Customers are encouraged to contact EnergyAustralia to see if there is a better plan available.
• EnergyAustralia also encourages any customer on a standing offer tariff, either the Default Market Offer or Victorian Default Offer, to make contact immediately. On average, there are better, lower-priced plans available.
• The EnergyAustralia EnergyAssist program supports around 22,000 residential customers in financial distress. Customers get access to help including tailored payment plans, energy audits and protection from disconnection. They also receive information on grant programs and advice on energy usage.

Average price changes for customers in 2021/22