Electricity prices to fall for first time across whole supply chain

11 Décembre, 2019, 05:51 | Auteur: Auguste Feret
  • Power prices forecast to slide in next three years, with increasing supplies of renewable energy a primary driver

The AEMC's annual report on electricity price trends shows an overall falling price outlook over the next few years. Despite the forecast rise, average bills will still be between $101 and $124 a year lower than those in South Australia, the ACT and Tasmania.

Western Australia was the only jurisdiction expected to see an increase in electricity prices, predicted to increase by 6.4 per cent by 2021/22.

AEMC chairman John Pierce expects reductions across all States that are part of the national electricity market. "As such, all price projections should be seen as just that, projections".

By the end of 2022, nearly all Australians are expected to spend an average $97 less on their annual power bills after prices start falling in 2020, the Australian Energy Market Commission says.

Currently, no investment has bee forecasted for coal or gas generation, beyond the existing projects that are already in the pipeline.

"The big stick legislation, the retail reliability requirement, the Grid Reliability Fund and the Underwriting New Generation Investments program are all created to put downward pressure on wholesale prices and provide a more reliable supply.to the network to ensure the reliability, 24/7 and affordable power that Australian families and businesses deserve".

The report factors out that subsidies together with the 20% renewable vitality goal winding down are the explanations for this lower in inexperienced scheme prices.

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These investments are expected to be responsible for more than half of the reductions in electricity prices through lower wholesale electricity prices (down 11.6 per cent), with the falling costs of network infrastructure (down 1.8 per cent) and environmental schemes (down 23.9 per cent) also contributing to the positive result for consumers. This predicted increase is primarily driven by increasing gas prices, with gas generation supplying around 60 per cent of Western Australia's electricity supply. The cause is mainly due to rising gas costs.

"While the overall national trend is down all across the supply chain there are regional differences across States and Territories that will affect price outcomes", Mr Pierce said.

Understanding what's driving prices can help give state and territory governments the information they need to help determine if price changes announced each year by retailers are consistent with changes in the power system's underlying costs.

'Overall, a representative consumer will pay around $97 less than today by June 2022'.

Unlike much of the rest of the country, WA has a regulated market where Synergy and Horizon are the only suppliers to households across the State.

As "no two households use vitality in the identical approach", AEMC encourages customers to buy round to get the most effective deal for his or her circumstances by means of authorities comparability websites.

Knowledge estimates from the AEMC additionally exhibits 6pm to 8pm continues to be the most costly time to make use of electrical energy in New South Wales, Queensland, Victoria and South Australia.

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