Origin Energy announces price drop for July 1

The major provider has revealed it will drop prices in Queensland and SA, and freeze prices in NSW, providing much needed relief to Aussies

Power prices in Australia are some of the highest in the world — but that could all be about to change.

There’s good news on power bills with one of Queensland’s biggest energy retailers announcing it will reduce prices next month. Now other retailers are being urged to follow suit.

“This is the time of year that energy retailers change their energy prices,” Simon Downes from Canstar Blue told Nine News.

They’re usually adjusted on July the first, and last year we saw rises of around 6 per cent, but this year is looking better for household budgets.

“It is a pretty pleasant surprise to see one of the three big energy retailers announcing a fairly modest price reduction it is fairly modest but any price reduction is a move in the right direction,” Downes, who is Editor at Canstar Blue, said.

Origin Energy is the first retailer to announce it will lower electricity prices — reducing its base rate by 1.3 per cent — this works out a a saving of around $26 a year for the average Queensland household.

The provider has also lowered prices in South Australia and frozen prices New South Wales, 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.

It’s the first time the provider haven’t raised prices since 2015 — and since retailers have to tell us when they make any changes to our electricity rates, it’s important to make sure you check your mail and emails for alerts. However, sometimes the changes to usages and supply charges are only disclosed on your power bill — so keep an eye on that too.

Other power companies are yet to disclose their price plans — and Downes notes that all eyes will now be on other major retailers.

“Now attention turns to AGL to Energy Australia to see what are those retailers going to do,” he said.

One thing is certain, we have turned the corner when it comes to energy prices, which can only good news for consumers.

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