The Queensland Competition Authority (QCA) has today released its draft determination of regulated retail electricity prices for regional Queensland to apply in 2020–21.
“This year’s draft determination forecasts lower prices for most tariffs, including the main residential and small business tariffs,” said QCA Chair Professor Flavio Menezes.
“The main contributors to the expected tariff reductions are projected decreases in network and energy costs.”
“Overall, the draft prices would result in a 5.3 per cent decrease in the annual bill for a typical customer on the main residential tariff (tariff 11) and a 5 per cent decrease for the typical customer on the main small business tariff (tariff 20).
“The annual bill for a typical customer on the main regulated residential tariff is projected to decrease by $75 from $1,420 to $1,345. For the typical customer on the main regulated small business tariff, the annual bill is projected to decrease by $116 from $2,338 to $2,222.
Professor Menezes said it is important to note prices are set in accordance with the Queensland Government’s uniform tariff policy, which means most regional customers pay less for electricity than it costs to supply them.
Professor Menezes also noted that this is a draft determination, and it is likely there will be changes in the final determination. While the draft determination provides indicative price estimates, these are based on information at the time and will be updated for the final determination, based on updated data and feedback from stakeholders.
He said that consultation is an important part of the QCA’s assessment processes, and encouraged stakeholders to provide feedback on the draft determination.
“We strongly encourage stakeholders to review our draft determination and provide feedback through our submissions process. We are giving stakeholders until 13 May 2020 to make a submission. Information on how to make a submission is available on our website.”
“Given the rapidly changing COVID-19 situation, we plan to hold virtual workshops on our draft determination this year, instead of our usual in-person workshops. More information will be available on our website soon,” he said.
The QCA’s review of notified prices began in December 2019 under a delegation from the Minister for Natural Resources, Mines and Energy, the Honourable Dr Anthony Lynham MP. The final determination is expected to be published by 26 June 2020, with the notified prices to apply from 1 July 2020. However, timeframes may change, particularly in light of any further COVID-19 developments. The notified prices are only available to standard contract customers in regional Queensland.
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