NSW energy prices drop to help household electricity, gas bills
NSW wholesale electricity and gas prices have fallen to their lowest levels since 2016, with savings set to be passed on to consumers. Find out why.
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NSW wholesale electricity and gas prices have fallen to their lowest levels since 2016 and Federal Energy Minister Angus Taylor says household bill savings will follow.
In the first three months of this year, the average wholesale electricity cost was about 5.5 cents per kilowatt hour compared to 9.5c/kWh for the same period of last year.
The fall was due to decreased demand due to milder weather in February and March, increased rooftop solar output and additional “grid-scale” renewable generation.
However, NSW did spike to the highest price on record – $12/kWh on January 31 – as a heatwave coincided with outages at coal-fired plants, low levels of wind generation and a storm that knocked out reserves from interstate.
Wholesale gas prices in the Sydney market fell from nearly by 44 per cent compared to a year ago.
Australian Energy Market Operator (AEMO) chief Audrey Zibelman said it had been “an extraordinary start to the year”, marked by severe heat, bushfires and now the coronavirus.
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AEMO analysis shows there was a fall in demand of up four per cent in NSW in late March due to COVID-19.
“This compares to 20-30 per cent reductions identified in parts of Europe and the US,” she said.
Energy Minister Angus Taylor since October 2019 prices had been on the slide.
“With wholesale costs making up around a third of residential electricity bills – and far more for industry – these price falls are expected to result in savings for Australian families and businesses,” Mr Taylor said.
Originally published as NSW energy prices drop to help household electricity, gas bills
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