7 June 2019
Origin cuts electricity prices for more than half a million customers
Origin will go beyond what is required with the implementation of the Commonwealth Government’s Default Market Offer (DMO) by reducing electricity prices for more than 520,000 residential and small business customers on standing offers and non-discounted plans from 1 July.
An average residential customer on a flat tariff in New South Wales could save between $50 and $91, while an average customer in Queensland could save $107 per year.[i]
An average small business customer in New South Wales on a flat tariff could save between $471 and $832, while an average small business customer in Queensland could save $324 per year.[ii]
In South Australia, all Origin small business and residential customers on standing offers and non-discounted plans with a flat tariff will continue to pay less than the DMO.
Origin’s Executive General Manager Retail, Jon Briskin said, “Origin is going the extra step by reducing prices for customers where the DMO does not apply, including customers with time-of-use tariffs and those on non-discounted plans.”
“This will make it easy for Origin customers to understand what they are paying compared to the DMO, and we will continue to advocate for a more transparent market that is easy for all customers to navigate.
“This decision also reflects our ongoing commitment to provide price relief for customers including protecting our hardship customers from price increases since 2016.”
For other customers already benefiting from lower priced discounted market offers, Origin will hold prices flat as part of the annual 1 July tariff review.
[i] Estimated savings based on Origin’s FY19 rates including GST compared to new FY20 standing rates for flat tariff only. Usage based on average usage determined by the AER.
[ii] As above.
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Price review outcome and update on FY2021 guidance
Origin Energy Limited (Origin) has provided the following update on earnings guidance for the year ended 30 June 2021 (FY2021), following an adverse outcome on a domestic gas contract price review, combined with a further deterioration in Energy Markets’ operating conditions.