Electricity prices to fall for first time across whole supply chain

Power prices forecast to slide in next three years, with increasing supplies of renewable energy a primary driver

Power prices forecast to slide in next three years, with increasing supplies of renewable energy a primary driver

In its latest electricity price trends report, the AEMC has predicted household electricity costs could fall by 20 per cent in south-east Queensland by 2021/22, followed by falls 8 per cent in New South Wales, 5 per cent in Victoria and Tasmania, and 2 per cent in South Australia.

Wholesale costs, which make up around a third of an average retail electricity bill, are expected to go down by $62 on average due to an influx of new generation coming into the system.

The "big stick" legislation, Retailer Reliability Obligation, $1 billion Grid Reliability Fund and the Underwriting New Generation Investments program are all created to put downward pressure on wholesale prices and deliver more reliable power to the grid to ensure the reliable, 24/7 affordable power that Australian families and businesses deserve.

"The increase in supply is putting downward pressure on prices.But it is important to note that during a decade of analysis, we have seen the Trends strongly change in response to factors such as sudden generator closures and the implementation of new policies.As such, all price projections should be seen like that, projections".

Currently, no investment has bee forecasted for coal or gas generation, beyond the existing projects that are already in the pipeline.

He further added that these projections should be seen as just that - projections.

The report points out that subsidies including the 20% renewable energy target winding down are the reasons for this decrease in green scheme costs.

This drop is not expected for Western Australia, where annual bills are estimated to be $100 more expensive.

France braces for worsening transportation chaos with more nationwide strikes
Truckers striking over a fuel tax hike disrupted traffic on highways from Provence in the southeast to Normandy in the northwest. Emmanuel Buquet, an unemployed 51-year-old from Rouen, said the mass protests gave a new impetus to the waning movement.

The government has introduced a series of levers to lower energy prices and increase the reliability of the electricity grid, Taylor said.

"While the overall national trend is down all across the supply chain there are regional differences across States and Territories that will affect price outcomes", Mr Pierce said.

"Overall, a representative consumer will pay around $97 less than today by June 2022".

The AEMC forecast complements a number of recent reports showing prices have started to turn the corner.

The AEMC report appears on the mixed worth of electrical energy technology, transmission and distribution in addition to authorities coverage schemes to estimate the price of the whole kilowatt consumption in a yr.

As "no two households use energy in the same way", AEMC encourages users to shop around to get the best deal for their circumstances through government comparison sites.

Data estimates from the AEMC also shows 6pm to 8pm is still the most expensive time to use electricity in NSW, Queensland, Victoria and South Australia.

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