Households could save $126/yr thanks to falling power prices

Electricity prices have fallen almost 9% since the middle of last year, resulting in large potential savings for households in eastern and southern states.

That’s the finding of Australia’s competition and consumer watchdog, the ACCC.

Retail electricity offers now available to households in NSW, Victoria, south-east Queensland, South Australia and the ACT are, on average, 8.8% lower than in June 2020, which equates to an average annual household saving of $126.

Wholesale electricity costs have fallen due to an increase in renewable generation and a decrease in fuel costs.

The ACCC is encouraging households to shop around and switch to cheaper plans.

That said, electricity retailers are required to pass on cuts in wholesale power costs, as per laws that were introduced in June 2020.

Consumers in NSW, south-east Queensland, South Australia, Tasmania and the ACT can use Energy Made Easy to compare offers. Victorian consumers can use Victorian Energy Compare.