This report on electricity price trends shows a falling price outlook over the next few years. Over the three year period modelled by this report consumers would save $97 (or 7.1%) on their electricity bills out to 2022.
Overall residential electricity prices out to 2022 are estimated to continue falling on the back of increasing supplies of generation in the electricity market and lower regulated prices for networks.
Generation costs are falling because of additional generation; regulated network prices have been lowered in response to falling distribution costs; and green scheme costs are being driven down by cheaper large-scale generation certificates for increasing levels of renewable generation.
- Wholesale costs are estimated to fall by around $62 from FY19 to FY22 for the representative consumer as more supply comes into the market and demand remains flat.
- Network costs are estimated to decrease by $11 over this period.
- Environmental costs are estimated to fall by $21 over this period.
Price trends will affect individual households differently depending on how much electricity each consumer uses, and how willing they are to switch to a better energy deal where market offers are available.