Energy prices are falling.
Energy prices are falling.

How to save as energy prices hit eight-year low

QUEENSLAND wholesale energy prices have plummeted to an eight-year low.

The Australian Energy Regulator (AER) this week released data showing that wholesale electricity prices, across the National Electricity Market (NEM), hit their lowest Q1 level since 2015.

The data showed energy costs on a consistent downward trend since 2019.

With the state's prices at an eight-year low, Canstar Blue Editor-in-Chief Simon Downes said residents should be proactively pursuing discounts.

"Like petrol prices, it can take a while for the lower (energy) costs to be passed onto customers, which is why you need to be proactive and get yourself on a better deal now," he said.

"You can't rely on your current provider to pass on the savings, because in many cases they simply won't. They're saving money, so now it's your turn."

High voltage energy towers. Credit: iStock.
High voltage energy towers. Credit: iStock.

AER Chair Clare Savage cited several factors for the decrease in wholesale electricity prices.

"There were reduced costs for gas and coal generators which meant they could offer electricity into the wholesale market at lower prices," she said.

"There was also an increase in the amount of low-priced solar generation coming into the market."

Ms Savage also said the "generally mild" weather conditions could have influenced the price fall.

The AER also showed gas prices in all markets were at the lowest levels since Q1 2016.

The fall in energy prices follows what Mr Downes previously called 'the biggest energy price war' Queensland had ever seen.

"We're seeing the kind of price competition that the energy markets were deregulated for, and it's great for households who take the time to compare their options," Mr Downes said.

Originally published as How to save as Qld energy prices hit eight-year low



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