Australians are continuing to pay less to power their homes and businesses, with wholesale electricity prices across the National Electricity Market (NEM) plummeting to their lowest levels in nine years.
New data from the Australian Energy Market Operator (AEMO) shows average quarterly wholesale electricity prices have fallen sharply to lows not seen since 2012.
According to AEMO’s latest Quarterly Energy Dynamics report, Victoria experienced the largest fall in prices from $79/MWh in Q1 2020 to $25/MWh in Q1 2021 – a reduction of more than 68 per cent. This is good news for Victorians and will help drive their economic recovery as they bounce back from the COVID-19 pandemic.
In New South Wales, prices fell to $38/MWh, down from $86/MWh in the corresponding quarter in 2020, while Queensland averaged $43/MWh.
AEMO’s report also showed that quarterly electricity emissions in the NEM declined to their lowest Q1 total at 31.5 million tonnes carbon dioxide equivalent (MtCO2-e), 9 per cent lower than the same quarter in 2020.
Minister for Energy and Emissions Reduction Angus Taylor said we are working hard to ensure the lights stay on and energy prices stay down for Australians.
“Keeping the lights on at an affordable price for Australian households and businesses is one of the Morrison Government’s key focuses,” Minister Taylor said.
“Australians should not be concerned about the price of their energy bills, which is why we are working to ensure people are spending less on power and more on the things they love. This is particularly important as we rebound from the impact of COVID-19.
“Prices falling to nine-year lows is an outstanding result and demonstrates how effective the Government’s actions have been. From the introduction of the Big Stick legislation to March this year, there have been 19 straight months of wholesale price reductions on the previous year.”
With wholesale costs making up around a third of residential electricity bills and far more for industry, the Government expects these price falls be passed on to Australian families and businesses.
Consumers can ensure they are getting the best deal by shopping around and accessing the most attractive offer for them.
Residential and small business energy customers can review the competitiveness of their current energy plans and find the best possible deal for their area using the Government’s free price comparator website energymadeeasy.gov.au