Millions in Australia could see lower power bills next year

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Millions of Australians could soon see lower electricity bills, with the national regulator proposing price cuts across several states.

The Australian Energy Regulator has released draft changes to its pricing benchmark, which caps what retailers can charge in New South Wales, Queensland, and South Australia.

Under the proposal:

• Households could save up to 10% on power bills in some areas

• NSW residents may save up to $226 per year

• South-east Queensland households could save around $216

• Small businesses in NSW could cut costs by over $1,300 annually

The regulator says the reductions are driven by falling wholesale energy prices, lower operating costs, and increased supply from renewable sources like wind and battery storage.

While the average drop is expected to be modest nationwide, the changes would still bring much-needed relief for households dealing with rising living costs.

The proposal is now open for consultation, with a final decision due in May.

However, the Australian Energy Regulator warns the outlook remains uncertain. Global tensions, especially in the Middle East, could still impact energy prices in the months ahead.

Source : 9News

More updates to come on AusNewsLanka.