The LNP has welcomed the decision on regulated electricity prices handed down by the Queensland Competition Authority (QCA), describing it as much needed relief for families and businesses.
The QCA’s decision means the average household stands to save $7 (0.5 per cent) on their annual electricity bills. Businesses will save around $73 (3.5 per cent).
Shadow Minister for Energy and Water Supply Andrew Powell said the result was a testament to the work done by the former LNP Government to improve efficiency and keep costs low.
“The LNP took decisive action when in office to ensure that Queensland families didn’t continue to be slugged with huge power prices as a result of Labor’s mismanagement,” Mr Powell said.
“It’s no secret that the Beattie and Bligh Governments condemned Queenslanders to massive power price hikes in order to pay for their over-investment and flawed solar bonus scheme. The cost of the solar bonus scheme is still increasing and now accounts for 8 per cent of the average electricity bill.
“The LNP Government removed $7 billion in expenditure out of the electricity businesses and this has helped put downward pressure on networks costs, as illustrated by the Australian Energy Regulator’s determination for the 2015-2010 regulatory period.
“Queenslanders can breathe a sigh of relief, now that these measures have started to take effect.”
Mr Powell said while any saving was a move in the right direction, consumers could have saved even more money if the Palaszczuk-Gordon Government hadn’t abandoned power price deregulation.
“Because of Labor, Queensland is still the only major state not to move to de-regulated pricing and it is costing families dearly,” he said.
“It’s still not quite clear why the Palaszczuk-Gordon Government decided to defer power price deregulation for 12 months, but what is clear is that Queensland households are missing out on potentially hundreds of dollars in savings.
“Labor’s decision to defer the LNP’s landmark policy is bad news for competition, bad news for business and bad news for jobs.”
A report by the Australian Energy Market Commission (AEMC) reinforced a study done by the St Vincent de Paul Society that found consumers could save up to $475 a year with deregulation.