Renewables drive falling power prices

Published: Comments:
Energy & Water Political Property & Real Estate Queensland Government


Household power prices are falling in south-east Queensland and will continue to fall for another two years, thanks to renewable energy, an independent report has found.

Energy Minister Dr Anthony Lynham today welcomed forecasts from the independent Australian Energy Market Commission (AEMC) that a two-person household in SEQ could expect to be paying around $76 less than today by July 2020.

“Electricity prices in Queensland are now, on average, the cheapest of all mainland states in Australia,” Dr Lynham said.

“This is further evidence that our Affordable Energy Plan is working, with its measures to place downward pressure on electricity prices.

“Sadly, another independent report today shows that investment in electricity generation, and price wins, are being put at risk by the chaos and confusion in the Morrison Government over energy policy,” Dr Lynham said. Read the Energy Security Board report.

“In the face of the Morrison Government’s disastrous policies, the Palaszczuk Government will continue to drive our Affordable Energy Plan to place further downward pressure on Queenslanders’ power prices.”

The  AEMC residential price trends report says power prices in the SEQ had fallen 6.8 per cent over the past year, and will continue to fall on average by 2.8 per cent annually to 2020-21.

It says falling household prices are a flow-on of falling wholesale costs from increasing renewable generation capacity. More than 1000 megawatts of renewable energy generation capacity has come on line in Queensland in the past two years,

Dr Lynham said the real risk to power prices was the Morrison Government’s chaotic energy policy.

“Queensland has the lowest prices in the country, reliable supply, and a planned transition to renewables – all clear, consistent policy that gives investors confidence to build generation,” he said.

“Meanwhile, the New South Wales Government says energy investors are withdrawing new generation proposals because of the chaos and confusion in Canberra.

The Government is already making energy more affordable through:

  • a $50 annual rebate already paid this year and with further $50 payment scheduled for 2019
  • a two-year price cap on power prices
  • interest free loans and grants to install solar panels and home battery systems.  

Minister for Natural Resources, Mines and Energy
The Honourable Dr Anthony Lynham

Energy Queensland : Queensland Government, Department of Energy and Water Supply :
PO Box 15456, City East QLD 4002, Queensland Wide
13 43 87
Energy Queensland : Queensland Government, Department of Energy and Water Supply
Showing 10+ recent articles for this business
Apprentices keep Queensland powering ahead 16 January 2019 | The future of the electricity distribution industry in Queensland is secure with 102 apprentices starting their careers with Energex and Ergon Energy over the next month. More information...
Renewables drive falling power prices 21 December 2018 | Household power prices are falling in south-east Queensland and will continue to fall for another two years, thanks to renewable energy, an independent report has found. More information...
Queensland stands up against Fed power bill folly 19 December 2018 | The Palaszczuk Government today condemned the Morrison Government for refusing to rule out a proposal that could drive up power bills for some Queenslanders by up to 30 per cent. More information...
Fuel prices on tap from midday today 03 December 2018 | Up-to-date fuel prices from more than 1000 servos across Queensland will be available from midday today to new and existing app developers and websites. More information...
Solar-battery dollars racing out the door 02 December 2018 | Renewable energy-focussed Queenslanders will have all but exhausted the Palaszczuk Government’s solar-battery loan scheme within weeks. More information...
More than ever shopping around for best power deal 30 November 2018 | More SEQ householders than ever are shopping around for the best power deal. More information...
Battery grants to drive next Sunshine Coast renewable wave 20 November 2018 | The next wave of Queensland’s renewable revolution is happening, with grants now available for households and small businesses to install batteries to store their solar power. More information...
Time for servos, tech whizzes to sign up on fuel 16 November 2018 | A shout-out has gone to Queensland servos and app developers to get on board the upcoming two-year fuel price reporting trial that’s going to deliver up-to-date prices to motorists. More information...
Time for servos to sign-up for fuel price scheme 01 November 2018 | Queensland’s 1400 fuel retailers can sign up from today to the Palaszczuk Government’s two-year fuel reporting trial that starts next month. More information...
New laws protect Queensland’s mine workers 31 October 2018 | Parliament today backed maximum penalties close to $4 million for mining companies that fail to keep their workers safe. More information...

comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service