The Queensland Competition Authority (QCA) has released its final determination on regulated retail electricity prices for regional Queensland in 2022–23.
QCA Chair Professor Flavio Menezes said that this year electricity prices will rise for residents and small businesses in regional Queensland.
“The increase in prices is mainly due to a projected increase in energy costs. This follows several years of falling energy costs, which were a driver of price decreases for each of the last three years,” Professor Menezes said.
“Energy costs are projected to increase due to factors that include significant episodes of high demand, reduced generation availability from coal-fired and gas-powered power plants and higher coal and gas prices, which have been impacted by the war in Ukraine and sanctions against Russia.
Higher electricity prices will result in a 9.2 per cent increase in the annual bill for a typical customer on the main residential tariff (tariff 11) and a 10.2 per cent increase 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 increase by $119, from $1,290 to $1,409. For the typical customer on the main regulated small business tariff, the annual bill is projected to increase by $215, from $2,119 to $2,334.”
Professor Menezes said it is important to note that 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.
“I encourage customers facing hardship to contact their retailer to discuss support measures that may be available to them,” Professor Menezes said.
The final determination is available on the QCA’s website.
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