Power prices mostly heading down but some up, says Australian Energy Regulator

Many Australians could see a reduction in their energy bill prices, according to an announcement made by the Australian Energy Regulator. Yet despite the highly anticipated relief for households, experts say the government could be doing more to lower energy costs during the transition period to cleaner energy.

Works on the new transmission line network are in progress in Sibenik, Croatia on February 24, 2024. Photo: Hrvoje Jelavic/PIXSELL/Sipa USA Credit: Pixsell/Sipa USA/AAP Image

Key Points

• Clare Savage, A-E-R's Chair, announced on Tuesday that most customers on standing offer contracts can expect price reductions up to seven percent for households and 9.7 percent for businesses. Some customers may experience slight increases, with Queensland residential customers facing up to a 2.7 percent rise.
• This announcement is only a draft, set to be decided in May after a consultation period, and will be applied on energy bills from July.
• According to Labor's Powering Australia plan, delivered before the 2022 Federal Elections, electricity bills across the country are set to go down by $275 a year by 2025.