Cuts to home and small business power prices will fall in regional Queensland in the next financial year because of downward pressure thanks to renewable energy, the state government says.
The Queensland Competition Authority on Friday ruled a 4.4 per cent drop for households and a 5.8 per cent saving for businesses in 2019/20.
Typical customers on the main residential tariff will see their power bills fall by $62 from July 1, while small businesses are also set to save.
Those on the main business tariff will see bills drop by $144 a year.
Energy Minister Anthony Lynham says the savings are a result of the state government’s renewable energy policies, which are forcing prices down and cutting emissions.
“About 5200 megawatts of new renewable generation is entering the national electricity market, with 1350 megawatts committed in the Queensland market,” Mr Lynham said.