The Queensland Competition Authority (QCA) has released its draft determination of regulated retail electricity prices for regional Queensland to apply in 2021–22.
QCA Chair Professor Flavio Menezes said that this year’s draft determination forecasts lower prices for most tariffs, including all the main residential and small business tariffs.
“The expected reductions in tariffs are mainly due to projected decreases in retail and energy costs,” Professor Menezes said.
“Overall, the draft prices would result in an 8.6 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 $119, from $1,372 to $1,253. For the typical customer on the main regulated small business tariff, the annual bill is projected to decrease by $109, from $2,164 to $2,055.
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.
He also noted it is likely there will be changes in the final determination. The price estimates in the draft determination are indicative only, as they are based on information at the time. They will be updated for the final determination, based on updated data and feedback from stakeholders.
Consultation is an important part of the QCA’s assessment processes, and stakeholders are encouraged to provide feedback on the draft determination.
“Stakeholders have until 23 April 2021 to make a submission. Information on how to make a submission is available on the QCA’s website.
“Given the travel uncertainty caused by the coronavirus pandemic, we plan to a hold virtual workshop on our draft determination on 7 April. Registration is already open on our website,” Professor Menezes said.
The final determination is expected to be published by 11 June 2021, with the prices to apply from 1 July 2021. The prices are only available to standard contract customers in regional Queensland.
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