Price deregulation in Queensland electricity and gas to pave way for more choice

Keeping you informed with changes in the energy industry, there is new legislation to be introduced in state Parliament which could make room for three to four new players in Queensland’s electricity retail market, industry sources say.

In an effort to increase competition in the market and drive down electricity prices for the consumer, the state government hopes that this legislation will aid in making these changes and help fulfill one of it key election promises from 2012.

Energy Minister Mark McArdle said increased consumer protections would encourage customers to “shop around” for the best power deal and subsequently increase competition and force prices down. The means that consumers will be able to get better deals and have greater control over their budgets and expenditure.

“They will encourage greater competition among retailers in southeast Queensland, attract new players to enter the market, and provide greater flexibility, choice and protections for families,” he said.  ”We promised at the election to deliver better planning and that’s what we are doing.”

There is also information regarding the Queensland Competition Authority that it will stop regulating electricity tariffs from July 1, 2015, under Queensland’s Electricity Competition and Protection Legislation Bill.

The expectation from the Queensland government is that there will be “three to four” new electricity retailers enter the southeast corner by that time, providing greater benefits for Queenslanders.

By shopping around and “paying on time”, a study by St Vincent de Paul on the impact of the Queensland government’s proposal said it was possible to save $350 a year on power bills 

Yet, according to the Greens, Queenslanders are already saving $214 million a year on their electricity bills – or $560 per household – by using solar power, a renewable resource.

The greatest uptake of solar energy in Australia has been in Queensland, due to the location and the climate, where almost 30 per cent of homes now have solar power.

According to lobby group Solar Citizens, seven of Australia’s top 10 “solar uptake electorates” are in the Queensland and six of them are held by LNP MPs, 

If you would like to find out more about what the impact of this legislation and the expected competition will have for you, read more: http://www.brisbanetimes.com.au/queensland/queensland-government-to-pave-way-for-new-electricity-retailers-20140909-10en60.html#ixzz3CymX8c6H