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Power price drops for most customers as batteries flatten peak
Batteries have taken over the National Energy Market's most valuable hours, setting the price more often than any other technology. (Synergy)
Surging levels of renewable energy and better reliability from coal-fired generators are set to give consumers a break, with benchmark power prices to fall up to 10 per cent for consumers and more for small businesses.
In what will be welcome news for power users weary from years of big tariff hikes, the Australian Energy Regulator (AER) has decided to cut the default market offer (DMO) in several states.
The offer acts as a safety net by setting the maximum, or ceiling, price retailers can charge affected customers.
Power bills set to fall despite Iran uncertainty
Homes and businesses will start feeling immediate relief from rising electricity bills within weeks after regulators locked in price cuts for consumers across the eastern seaboard.
The Australian Energy Regulator on Tuesday said it would reduce the maximum rates that retailers can charge customers on standard electricity plans, known as default market offers, from July 1.
The default price cuts – up to 5 per cent ($137) in parts of NSW and 7 per cent ($155) in south-east Queensland – mark the steepest cuts since 2022, when Russia’s invasion of Ukraine pushed up the cost of energy and triggered double-digit power bill rises. Prices will rise 1.5 per cent in South Australia.
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