Australia, Policy, Projects, Renewables

Bowen: Household and small business energy bills set to drop

energy efficient, energy bills

The independent Australian Energy Regulator has announced reductions in the Default Market Offer electricity price benchmarks for 2024-25.

According to the Federal Government, this signals relief for households and small businesses’ energy bills.

The move comes after the biggest global energy crisis in 50 years saw prices skyrocket.

According to Chris Bowen, Federal Minister for Climate Change and Energy, the Albanese Government’s Reliable Renewables plan is now putting downward pressure on prices through a surge in renewable generation firmed by storage, gas and transmission.

In NSW, southeast Queensland and South Australia, the Default Market Offer shows price reductions of up to 6.4 per cent for households with controlled load and nearly 9 per cent for some small businesses.

Victoria’s Default Offer, set by the Essential Services Commission, will also decrease energy bills for an average 5.7 per cent for residential customers and 6.9 per cent for small business.

“Today’s figures show a welcome downward trend but we know there’s more to do – which is why we’re delivering our Reliable Renewables plan and direct energy bill relief,” Bowen said.

The plan is supported by independent advice that firmed renewables are the lowest-cost path to reliable energy.

The government claimed there has been a 25 per cent rise in renewable generation since the Labor took office, record battery storage investment, over 330,000 new rooftop solar installs last year, and 280 gigawatts of proposed new projects in the pipeline.

“Our plan backed by storage, flexible gas and transmission, is the only one experts back to deliver affordable energy where and when we need it to power households and industries,” Bowen said.

“…risky reactors are up to eight times more expensive than firmed renewables, and won’t generate any power in Australia before 2040 – it’s a plan to leave Australian households and businesses in the dark.”

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