Australia

Government to impose default prices for energy

The Morrison government says it will introduce a benchmark for power prices in a bid to push down the cost for consumers.

The federal government has announced regulations for a safety net on power prices in a push to reduce the cost of energy for consumers.

The Australian Energy Market Regulator's draft determination on its Default Market Offer introduces a standard price from July for customers in New South Wales, Victoria and southeast Queensland.

The move will lower prices by up to $218 a year for residential customers, and up to $937 for small businesses.

Energy Minister Angus Taylor said in a statement on Saturday that the figure "will also act as a reference price, requiring energy retailers to advertise their standing and market offers against a common price benchmark".

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