Origin Energy Limited (Origin) today announced that it will reduce electricity prices for its residential customers on regulated tariffs in NSW from 1 July 2014.
Once the NSW Government’s decision to deregulate electricity prices takes effect from 1 July 2014, Origin will reduce its fixed and variable electricity charges by 1.5 per cent for residential customers in the Essential Energy and Endeavour Energy network areas on regulated contracts.
For small businesses on regulated tariffs, Origin will cap electricity price increases at 1.8 per cent for one year from 1 July 2014, delivering cost certainty for those customers.
Origin Chief Executive Officer Energy Markets, Mr Frank Calabria said, "We welcome today’s decision by the NSW Government because it is good news for our customers on regulated prices.
"Deregulation of energy prices stimulates innovation in new products and services, and allows the industry to more effectively compete on prices that reflect the costs and risks of energy retailing," Mr Calabria said.
The prices will also be made available from 1 July 2014 to NSW customers currently on market contracts1who switch to a regulated contract and to new customers who sign up to a regulated contract.
Origin is not reducing its electricity prices applicable to residential customer standing contracts2 in the Ausgrid network area where Origin is not the incumbent electricity provider, or market contracts. Similarly, for small business customers on those types of contracts, electricity price increases won’t be capped.
The electricity prices will reduce further if the carbon price is repealed.
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- Market contracts have terms and conditions set by retailers and can include a discount or some other benefit.
- Standing contracts have terms and conditions prescribed by law to protect consumer rights.