Household electricity prices are set to fall across the National Electricity Market (NEM) on the back of lower wholesale electricity costs and an increase in renewable generation.
A new report from the Australian Energy Market Commission (AEMC) finds electricity costs to consumers are expected to decrease this financial year and fall further by 2023-24.
Residential Electricity Price Trends 2021 found the average residential customer in the NEM will save 6% on their electricity bill by 2024 compared with costs in 2020-21.
Falls are expected across all jurisdictions in the NEM, apart from the ACT where prices are expected to rise.
Electricity bill changes in the NEM states/territories between 2020-21 and 2023-24:
- QLD decrease by 10% ($126)
- NSW decrease by 4% ($50)
- ACT increase by 4% ($77)
- VIC decrease by 8% ($99)
- SA decrease by 2% ($35)
- TAS decrease by 6% ($125)
The Hon Angus Taylor MP, Minister for Industry, Energy and Emissions Reduction, said, ‘This report shows that the government’s support for new on-demand dispatchable generation, like Snowy 2.0 and the Hunter Power Project gas generator at Kurri Kurri, will put downward pressure on prices as aging thermal generation retires. Consumers are at the centre of our approach to energy.’
Residential Electricity Price Trends 2021 AEMC report
Energy Made Easy Price comparison website