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business14h ago
Power prices expected to fall by up to 10% from July, bringing ‘welcome relief’ to Australia’s east coast
- The Australian Energy Regulator proposes a 1.3% to 10.1% cut for residential default offers on July across parts of the east coast.
- Small business customers could see substantial cuts, with NSW prospects of over $1,300 in annual savings under the draft.
- The draft cites higher renewables output and lower wholesale prices as the main drivers of the proposed cuts.
- The regulator plans to keep a safety net price while customers compare better deals.
- A new 'solar sharer' plan could give three hours of free power during peak sun.
- Victoria may also see lower prices as its Essential Services Commission released a draft determination.
- The final decision is due in May, with changes taking effect in 2026-27 if adopted.
- The draft distinguishes standing offers as a safety net versus best available deals from retailers.
- The regulator noted strong wind generation and other renewables as key factors behind price changes.
- The announcement covers New South Wales, Queensland, and south-east Queensland, with Victorian implications under review.
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