More SEQ householders than ever are shopping around for the best power deal.
Latest figures from the independent Queensland Competition Authority reveal the Palaszczuk Government is continuing to deliver on its promise to maintain downward pressure on electricity prices.
Energy Minister Dr Anthony Lynham said that the latest report released today by the QCA showed that in the 2017-18 financial year, increased competition continued to help consumers benefit from better power deals.
“QCA figures showed in the third quarter in 2018, SEQ households could save $260 a year, on average, by shopping around and switching from a standing offer to a market offer. Small business could save, on average, around $332 per year. *
The difference between the highest standing offer and the lowest market offer for householders for the September quarter was $217. For small business it was $297.
The September quarter figures follow last month’s QCA report which showed that for the fourth quarter in a row, power prices had either decreased or remained stable in south east Queensland.
“Our decision to deregulate the SEQ retail electricity market in 2015 is paying dividends with increased competition in the SEQ market resulting in a more diverse range of retail offers and lower average retail market offers.
“With competitive prices on offer – there is no better time to shop around to get the best deal that suits your needs.’’
Dr Lynham said he was pleased to see retailers doing the right thing and passing on the costs saved by the government’s actions to reduce wholesale power prices.
“With the measures from $2 billion Affordable Energy Plan in full swing we will continue to deliver on lower power prices.
“Under the Plan the Palaszczuk Government is making energy more affordable through:
- a $50 annual rebate already paid this year and with further $50 payment to households in 2019;
- paying 54,482 rebates worth $13.23 million for energy efficient appliances, helping households to lower their energy costs and
- interest-free loans and grants for eligible households and small businesses to install solar panels and battery storage.
*Figures are calculated when comparing all market offers.
Minister for Natural Resources, Mines and Energy
The Honourable Dr Anthony Lynham