Following Government pressure energy retailers including Origin Energy, Energy Australia, and AGL have lowered their standing offer prices.
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In Griffith residents could be saving up to $200 and depending on their energy retailer electricity customers with concession cards could pay up to $250 less a year.
Energy Australia and Origin are also providing 10 to 15 per cent off usage charges in targeted discounts for concession card holders.
The cuts to prices come after multiple energy providers across the state have repealed practices recently dubbed “loyalty taxes” by the Coalition Government.
The practices involve providers charging long term customers on standard retail plans more for their usage, than customers buying on a market retail plan.
Recently the Energy Market Commission found the difference between the average standing offer and the best market offer for a representative consumer was anywhere between a $170 and $507.
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“The Prime Minister has made it pretty clear customers should be rewarded for their loyalty rather than punished, and I couldn’t agree more,” Member for Farrer Sussan Ley said.
“Cost of living pressures are something we all feel, particularly with essential household expenses, so any cut to a bill is going to be welcome no matter how modest,” Ms Ley said.
However federal Labor candidate for Farrer Kieran Drabsch described the move as ‘showboating’ saying the coalition government interfering with private companies while wishing to subsidize new coal fired power plants beggars belief.
“There is very little detail on how they are going to force these companies to put prices down, ScoMo is basically hoping his mates in the electricity industry will do him a favor to get him elected,” Mr Drabsch said.
“It’s the same government who said they want the market to solve all the problems and now they want to regulate it, you can’t trust the Coalition to make sound informed prices on electricity and climate change.”
According to Mr Drabsch market initiatives will not be effective in driving down the price of power in NSW as the state’s aging power infrastructure is an issue that cannot be removed from the issue of price.
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