Origin’s Queensland customers will see lower electricity base rates from 1 July 2018, turning around the recent trend of price rises in that state.
The 1.8 per cent overall reduction can see households save $26 and small businesses save $218 on average annual electricity bills[i], and reflects a drop in wholesale prices helped by Origin’s investments in new energy supply in Queensland.
Origin’s Executive General Manager Retail, Jon Briskin said, “Queenslanders have been feeling the pinch of higher electricity prices and while this is a modest turnaround, we are glad to be delivering better news this year.
“Our large scale solar investments including Clare and Daydream Solar Farms have helped stabilise the National Electricity Market and lower wholesale energy prices, the benefit of which we’re passing on to our Queensland customers.”
Origin is the first retailer to announce electricity prices to take effect from 1 July 2018. The changes apply to its base rates and there could be further savings available for households that sign up to competitive market offers.
“Southeast Queensland has become one of the most competitive electricity markets in Australia over the past year, and we’ve met that competitive challenge with great offers,” Mr Briskin said.
Last year, Origin announced the smallest retail price increase of all major retailers in Queensland and absorbed that price rise for its customers in financial hardship.
[i] Based on an average Origin residential customer electricity bill of $2002 assuming 5960 kWh annual usage on base rates, and an Origin small business customer electricity bill of $5485 assuming 16,364 kWh annual usage on base rates.