Electricity Bills Drop by Up to 10% in Eastern Australia

0:00On March 19th, here's the latest out of Sydney. Households across Australia's eastern states could see electricity bills drop by up to 10% starting July 1st, thanks to moves by the Australian Energy Regulator. The agency announced plans to lower maximum prices on default market offers with savings ranging from $31 a year in South Australia to $226 in parts of New South Wales and $216 in Southeast Queensland. These are the biggest cuts since 2022 when global energy shocks from Russia's invasion of Ukraine drove up bills. Regulator Chair Claire Savage called it, welcome relief for families and small businesses facing tough cost of living pressures. The change is stem from falling wholesale prices fueled by record output from renewables and big batteries that cut reliance on expensive gas plants. This comes at a key time as the government phases out its $75 quarterly bill rebates announced last December, making the price drop.

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