Red Energy today announced price cuts for electricity customers in Queensland and South Australia from July 2018.
In Queensland, residential customers can expect to see the average electricity bill fall by 2.2% or about $36, and small business customers (SME) 4.3% or around $200 per year.
In South Australia, residential customers can also expect to see the average electricity bill fall by 1.5% or about $32 and SME customers 2.0% or around $78 per year.
In New South Wales, Red Energy’s electricity standing offer has been put on hold as the business absorbs a $5.7 million increase in network and green scheme costs, in the expectation of continued falls in wholesale energy costs over the next few years.
Iain Graham, CEO of Red Energy said a reduction in wholesale energy prices has been achieved with new renewable energy coming online.
"Red Energy is a major buyer of wholesale energy from Origin, AGL and Energy Australia. The reduction in prices is a welcome relief for customers as Red Energy is able to pass on those savings despite rising network and green costs," he said.
"We welcome competition and encourage customers to review their plans and take advantage of reduced market rates", said Mr Graham.
QLD
SA
NSW
Price changes effective July 2018. Changes will vary between customers and are based on averages. ---
