CANBERRA, AAP – Power prices have eased by 10 per cent for households who took advantage of a policy introduced in mid-2019 by the Morrison government.
The default market offer is the annual maximum total bill amount, or “reference price”, energy companies can charge for the ‘standing offer’ prices based on a set average usage amount.
The Australian Competition and Consumer Commission said in a report to be released on Thursday the median price for standing offer customers across NSW, SA and southeast Queensland was 10 per cent lower for households.
The figure was six per cent lower for businesses than before the offer was introduced.
“The reforms delivered by the government across the electricity market are working to put downward pressure on prices to ensure access to affordable electricity and put more money back in Australians’ pockets,” Energy Minister Angus Taylor said.
The ACCC estimated $900 million in potential savings were available to households in eastern and southern states through cheaper electricity plans.
And it expected retail prices to continue to fall.