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$900 million in electricity bill savings available to households
Electricity prices have fallen almost 9 per cent since the middle of last year and there is $900 million in potential savings for households in eastern and southern states, new figures released today by the ACCC show.
Retail electricity offers now available to households in New South Wales, Victoria, South East Queensland, South Australia and the Australian Capital Territory are, on average, 8.8 per cent lower than they were in June 2020, which equates to an average annual household saving of $126.
Data from ACCC monitoring has revealed that if all customers in National Energy Market regions were to have the advantage of the potential savings by switching to lower offers, or benefitting from retailers lowering the prices of their existing plans, the total annual savings would be about $900 million compared to June 2020.
Origin boss warns investment needed to plug power gaps as coal exits
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The head of Origin Energy says state governments must explore ways to spur private investment in new projects to plug gaps in the market as their plans to increase renewable power force an early exit of coal.
An influx of wind and solar power into the nation’s main grid – supported by the Victorian and New South Wales governments’ pro-renewables policies – has been driving down daytime power prices and threatening the viability of ageing coal plants. EnergyAustralia last month announced it would close Victoria’s Yallourn brown coal-fired power plant in 2028, four years earlier than planned, in response to spiralling losses.
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Yallourn closure a âsign of the timesâ for coal powerâs struggles
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The early closure of Victoriaâs Yallourn power plant has underscored the severity of the economic crisis engulfing the nationâs coal-fired generators and escalated warnings that more plants soon may be forced to scale back output or shut down entirely.
Industry insiders and analysts said EnergyAustraliaâs decision to fast-track Yallournâs retirement by four years to mid-2028 is too far into the future to boost prices to support the viability of other loss-making power stations in Victoria and New South Wales.