Budget signals new investment in renewables

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The Queensland State budget has sought to lower energy prices through a $2 billion investment in renewables.

Energy Minister Dr Anthony Lynham said this year’s state budget would continue to reinvest dividends from publicly-owned electricity businesses to deliver more affordable energy.

“We are investing $2 billion over two years to deliver our Affordable Energy Plan,” Dr Lynham said.

“The dividends from our electricity businesses in 2018-19 will help pay for concessions and rebates to support vulnerable electricity customers, and help drive down prices,” Dr Lynham said.

“We’ve committed to helping Queensland families reduce their energy costs and we are delivering on our commitment to a two-year cap on electricity price rises to average inflation.

“We are already seeing results with a recommended 1.3 per cent decrease in prices for typical regional households recommended by the QCA, and competition driving savings in the south-east corner.

“More than $464.6 million has also been allocated to ensuring families in regional communities and areas like Townsville, Cairns and Mount Isa pay a similar amount for their electricity to a family or household in Brisbane.”

The Queensland State Budget for 2018-2019 will include:

  • $195.5 million for the $341 electricity rebate for eligible seniors, pensioners, veterans and low-income families, including Commonwealth Health Care Card holders and asylum seekers
  • $100 million for the second $50 rebate on the bills for Queensland households in the second quarter of 2019
  • $20 million for the regional Business Energy Savers Program, which includes the Energy Savers Plus Program Extension
  • $50 million contribution towards an innovative and regional solar thermal plant
  • $1.46 investment billion in the electricity distribution network

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