Media release – Office of the Tasmanian Economic Regulator, 6 December 2024
Price Comparison Report – December 2024
The Tasmanian Economic Regulator published its annual Comparison of Electricity and Gas Prices Available to Small Customers in Australia today. The Report compares electricity and gas prices available to small customers in Tasmania and the rest of Australia based on tariffs at 1 September 2024.
The Tasmanian Economic Regulator, Mr Joe Dimasi, noted that residential and small business electricity prices in Tasmania are highly competitive with those offered in other states and territories.
Tasmanian residential customers on regulated tariffs experience lower annual bills than customers on median regulated tariffs in all other NEM jurisdictions, at typical Tasmanian customer consumption levels.
The Report also compares median tariffs for each jurisdiction. Median tariffs incorporate both regulated tariffs and market offer tariffs.
Tasmanian residential customers on the median time-of-use tariff experience lower annual bills than customers on the median tariff in each of the mainland states and territories, while customers on the median general usage tariff had the third lowest bills.
Tasmanian small business customers on both regulated and median time-of-use and general usage tariffs experience the lowest annual bills at the average Australian small business consumption level.
However, the Regulator noted that Aurora Energy has ceased offering its regulated residential general usage/heating and hot water tariff combination (Tariff 31/Tariff 41) to customers that aren’t already on that plan.
When the Regulator approved Aurora Energy’s standing offer prices for 2024-25, it noted that prices would increase by an average 0.50 per cent for residential and small business customers on mainland Tasmania. However, bills for Tasmanian concession customers fell significantly as a result of increased government concessions and rebates.
Electricity prices on the Bass Strait islands increased at the same rate as for mainland Tasmania.
Tasmanian residential and small business gas prices are amongst the highest in the country, which is partially due to the small size of the Tasmanian gas market. Natural gas is only available in limited areas on mainland Tasmania and not in rural areas or on the Bass Strait Islands.
Media release – Guy Barnett, Treasurer; Nick Duigan, Minister for Energy and Renewables, 6 December 2024
Tasmania continues to lead the nation with the lowest electricity prices
It’s been confirmed that Tasmania continues to have the lowest electricity prices in the nation for households and small businesses.
Treasurer, Guy Barnett, said the Independent Tasmanian Economic Regulator report shows that Tasmanian regulated residential customers on all tariffs have the lowest bills in the country and Tasmanian small business customers on both regulated and median time-of-use and general usage tariffs also have the lowest annual bills.
“The independent Tasmanian Economic Regulator’s report is welcome news for Tasmanians struggling with cost-of-living pressures,” Treasurer Barnett said.
“In addition to having the lowest prices in the nation, Tasmanians also have some of the most generous concessions in the country. In fact, eligible Tasmanian concession-holders are being provided with up to $1,433 in bill relief this year, that includes the Governments supercharged Renewable Energy Dividend payments of $250 for households and $300 for small businesses.
“During this financial year, as a result of combined state and federal energy bill relief, every Tasmanian household is receiving at least $550 in energy bill relief, and small businesses $625.”
Minister for Energy and Renewables, Nick Duigan, said in the 2024-25 year, the regulated price increased by just 0.5 per cent.
“After factoring in CPI, electricity prices actually decreased in real terms this year,” Minister Duigan said.
“The Australian Energy Regulator’s recently released Retail Market Report also confirmed the proportion of Tasmanians eligible for electricity concessions is greater than any other state as the same time as having the highest level of concession.
“We know how much power bills impact on everyday cost-of-living pressures. And we also know Tasmanians use more power than households on the mainland, so it’s vital we continue to have the lowest power prices in the nation.
“Our Tasmania First Energy Guarantee, and our 2030 Strong Plan for Tasmania’s Future, is making this happen.”
Media release – Janie Finlay MP, Shadow Minister for Energy & Renewables, 6 December 2024
Tone deaf Treasurer
The Treasurer was out telling Tasmanians that they have low electricity bills this morning, showing how out of touch the Liberals are.
Data from the Australian Energy Regulator shows that 4.9 per cent of Tasmanian customers are in energy debt, while only 2.9 per cent of customers are in debt nationally. That’s more than 12,000 Tasmanian families – real people who are struggling – and the Government just doesn’t seem to get it.
The number of small business customers in energy debt rose by more than 12 per cent in the last financial year, while the average small business customer debt almost doubled in 2023-24.
Despite all this energy price pain, the Liberals plan to make things even harder.
Aurora’s submission to the economic regulator’s 2025 pricing determination seeks to increase their profit margin and the costs they pass on to customers by 20 per cent. Does the Treasurer support this energy price hike?
Does he support Aurora’s request to increase late fees on struggling customers by 140 per cent?
And does the Treasurer support Aurora’s view that “an efficiency factor should not be applied” to the energy company? Why does he think it’s ok to put an efficiency dividend on our nurses, teachers, police, and paramedics, but not on our power bills?
GBE hearings this week revealed that 12,000 Tasmanians have a power bill debt, and I’m sure they won’t appreciate the Treasurer telling them their bills are too low.
