The QCA has released its draft determination on electricity prices.
What ARE you talking about?
It’s that time of year when the Queensland Competition Authority (QCA) releases its draft determination on electricity prices for regional Queensland for the upcoming financial year.
For those of you who are not familiar with the process, here is a very quick overview:
- The Queensland Government delegates the QCA to determine electricity prices.
- The QCA then has a consultation process and develops a draft determination on what they believe electricity prices should be.
- This year’s draft determination was released on 24 March 2021.
- From here the QCA will conduct a virtual workshop (7 April 2021) and receive submissions until 23 April 2021.
- The final determination will set electricity prices for the 2021/22 financial year and is due to be released on 11 June 2021, to take effect on 1 July.
How are things looking so far?
Pretty good as it happens.
Residential customers on Ergon Energy’s Tariff 11 should see an 8.6% reduction in electricity prices.
Small business customers using Tariff 20 may get a 5% reduction.
And large business customers are set to see a 6.5% to 8.3% drop in prices.
We’ll give you an update on the final determination once we have had a chance to analyse it. Keep a look out for a blog article in mid June.
If you would like to find out more about the QCA and their role in setting electricity prices, visit https://www.qca.org.au/project/customers/electricity-prices/regulated-electricity-prices-for-regional-queensland-2021-22-2/