Jemena electricity customers in Melbourne's north-west will pay less for their electricity network charges with a typical residential customer saving $158 over the five-year period beginning 1 July 2021. This represents a seven per cent saving compared to the 2016-2020 five-year period.
Small and large business customers can also expect to see the network charges portion of their electricity bills reduce by approximately $321 (5%) and $6,972 (5%) respectively over the five years.
Jemena Managing Director Frank Tudor said the savings come at a significant time for electricity customers.
"We know many of our customers are facing financial pressures following the impact of COVID-19," Mr Tudor said. "By reducing our portion of the overall electricity bill, customers can look forward to paying less for electricity distribution and smart metering services."
"Our customers can rest assured that the savings are for the long term, as our reduced electricity network charges will be lower than current prices for the next five years. These charges typically make up 35 per cent of a customer's bill."
Jemena welcomes the Australian Energy Regulator's final decision on its electricity distribution pricing review for 2021-2026.
"We expect energy retailers to pass on these price reductions to customers," Mr Tudor said.
Preparing for a brighter future
Today's announcement also allows Jemena to prepare for a future that involves connecting and transporting more renewable electricity. This includes:
- Facilitating the connection of over 110 MW of new renewable energy generation.
- Adding 60 MWh of new battery storage capacity to the grid.
- Investing in new technology to help integrate more solar generation into the electricity grid.
- Enabling the connection of more renewable energy sources for a more sustainable future.
"By innovating and taking on new technologies, we can move more renewable electricity around the network more efficiently," Mr Tudor said.
A plan shaped by customers
The Jemena Electricity Network 2021-26 Plan was shaped by customers following an extensive engagement and communication process.
Jemena spent more than one hundred hours in meetings and community sessions listening to customer feedback – an exercise that was recognised with a Consumer Engagement Award at the Energy Network Industry Awards 2019.
"Our customers told us they want a more sustainable electricity supply delivered reliably and at an affordable price," Mr Tudor said.
"This five-year plan ensures customers will pay a fair price for their electricity and that we will continue to provide a safe and reliable service to our more than 360,000 customers in Melbourne's north-west."
