The Australian Energy Market Commission’s (AEMC) 2019 report on price trends shows residential electricity prices are expected to fall Australia-wide up until 2022.
Across the nation as a whole, an estimated average price drop of $97 (7.1 per cent) is expected.
This drop can be seen across all three drivers of consumers’ bills: wholesale (generation) costs, network (poles and wires) costs and environmental scheme costs.
Detail for each jurisdiction shows what components of consumers’ bills are likely to drive prices up or down. This highlights where cost pressure is coming off – or where cost pressures are starting to build.
Jurisdictions at a glance from FY19 to FY22:
- South east Queensland electricity prices estimated to fall overall by 20 per cent or $278
- South Australia electricity prices estimated to fall overall by 2 per cent or $27
- Victoria electricity prices estimated to fall overall by 5 per cent or $53
- NSW electricity prices estimated to fall overall by 8 per cent or $107
- ACT electricity prices estimated to fall overall by 7 per cent or $134
- Tasmania electricity prices estimated to fall overall by 5 per cent or $93
Extra generation capacity from increased supply of renewable power, lower distribution costs and falling green scheme costs are behind the expected lower prices. Cost pressure has come off all three drivers for the first time in the ten years since this annual report started.
