Power Bill Shock: Prices to Drop for Some in July
Origin and Ergon Energy customers get some good news. Will other power companies follow suit?
Origin Energy customers and North Queenslanders could hardly believe their ears this week when the news landed that their power prices will not rise in July.
It’s only about a 1% drop in SA and QLD, and prices for Origin customers will be frozen in NSW, but it will still be the first drop in years.
All eyes are now on other providers to see whether prices will go up or down on July 1.
Origin Energy was the first retailer to announce its price changes, a move that has been praised by Energy Minister Josh Frydenberg.
“I welcome today’s announcement by Origin that they are reducing power prices in South Australia and Queensland, for small businesses this could mean a 4% reduction in power bills, about $100 a year,” Frydenberg said.
But other power companies have so far kept quiet on what their plans are. 9Saver will keep an eye on this space and report back when we know more.
In the meantime, your best chance of saving big on power bills is to shop around and switch.
Switching power companies can now save you up to $1500 in some states. That’s the gap between the cheapest and most expensive offers on the market in South Australia, according to the Australian Energy Regulator.
In NSW the gap is $1400 and in SE QLD it’s $900, the AER reported. Victoria comes under a different regulator but the savings are likely to be similar.
That means a typical 4-person household could be paying between $900 and $1500 a year more than their neighbours for the same amount of electricity, depending on their location – just because they’re on a poor plan.