According to a report from the independent Queensland Competition Authority (QCA), south-east Queensland power prices are stable for the first quarter of 2019.
The QCA’s SEQ quarterly market report also shows that savvy energy shoppers can save up to $360 a year for a typical household when switching from the average standing offer to the lowest market offer, and small businesses could save up to $612 a year.
Energy Minister, Dr Anthony Lynha, said “Competition is working in the south-east corner, with four new retailers entering the market in the March quarter, meaning competition among 24 retailers is helping to drive down prices.
“This also reduces prices for regional consumers, because long-standing state government policy requires regional prices to be on a par with the competitive SEQ prices.
“In short, lower, stable SEQ power bills helps drive down regional power bills.”
Power prices haven’t risen for a year-and-a-half in south-east Queensland, and Queensland continues to have the lowest average electricity prices of mainland states in the National Electricity Market.
But, Dr Lynham said consumers needed to shop around in SEQ to get the benefits of the various market offers available.
“I urge Queenslanders to keep shopping around and to ask their retailer for a better deal,” Dr Lynham said.
“Competitive pressure gives power retailers more reason to offer a wider range of offers.”