More Evidence Electricity Prices Are Falling

Minister for Resources and Energy Anthony Roberts today welcomed more evidence that electricity prices for NSW households are set to fall further.

Mr Roberts said the Australian Energy Market Commission (AEMC) 2014 Electricity Price Trends Report shows market offer prices are expected to fall by an annual average 5.8 per cent in NSW to 2016/17.

“Today’s AEMC report leaves John Robertson’s hollow scare campaign on electricity prices in tatters,” Mr Roberts said.

“According to the AEMC, the main factor driving down prices were the lower costs associated with the electricity networks.

“The NSW Liberals & Nationals Government is already delivering $5.4 billion in savings that are no longer being passed onto NSW electricity customers in the form of higher bills, and prices are set to fall even further.”

Mr Roberts said the NSW Government’s decision to deregulate the retail electricity market is also benefitting the State’s customers by increasing competition.

“The AEMC found increased competition in the NSW electricity markets is providing opportunities for consumers to switch retailers, with savings of around 8 per cent or $165 on their annual bill if consumers switched from the regulated offer to a market offer in 2013/14,” he said.

“A St Vincent de Paul report found customers switching to the best possible offer could save up to $400 by shopping around and switching electricity offers.

“According to the AEMC, market offer prices in NSW have decreased by 9.7 per cent in 2014/15 for the average consumer, and are expected to decrease by 11 per cent in 2015/16.

“Around 70 per cent of electricity retail customers have now switched from the regulated or transitional tariff to a competitive market offer and are enjoying the savings.

“This is another reform of the NSW Liberals & Nationals Government that John Robertson and Labor opposed and said would lead to higher bills.

“John Robertson and Labor have once again demonstrated they are the roadblock between NSW households and lower energy bills.

“Under Labor electricity prices rose by 60 per cent over five years, those days are now behind us and the NSW Government is delivering real savings for the State’s electricity customers.”

Mr Roberts urged electricity customers to shop around and make sure they are on
the best possible deal.

“Get active, get online and get a better deal by visiting the Australian Energy Regulator’s (AER) website for a free price comparison of retail electricity offers in your area,” he said.