Households will save up to $109 on their annual power bills as plummeting global energy demand flows through to the domestic market |p_hannam micksfoley
The Australian Energy Regulator on Thursday released its default market offer , which limits the price retailers can charge residential and small businesses customers on default contracts in NSW, South-East Queensland and South Australia.
Mark Piovesan AER said an average customer on a so-called "standing offer" contract would save $109 in South Australia and $62 in South-East Queensland in 2020-21. In NSW, prices would be between $3 higher and $9 lower. Victoria sets a default market offer independent of other states and its latest round, in January, increased average annual household bills by $100. An average business customer will save up to $131 in NSW depending on their region, $265 in South-East Queensland and $815 in SA.Energy Minister Angus Taylor said the price falls were especially welcome news during the coronavirus pandemic. At a time when many people have lost jobs or had their hours or pay reduced, consumer advocates have warned householders tofor bill shock as social distancing restrictions keep them home more often, increasing their power use. The electricity price is linked to the gas price, which has been falling in recent months alongside the global price of crude oil. Oil has been driven down by a
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