LOWER POWER PRICES COMING FOR BONNER

Families and small businesses in Bonner will benefit from big savings under the Morrison Government’s new plan for affordable and reliable energy.

The Morrison Government will:

• Stop the price gouging by the big energy companies by banning sneaky late payment penalties, requiring them to pass on savings in wholesale prices to customers, strengthening the regulator’s power to crack down on dodgy, anti-competitive practices, and shining a spotlight on energy companies’ rorting through ‘gold plating’ their networks. We will take a big stick to the big energy companies to stop the big rip offs.

• Create a price safety net to protect customers and remove the loyalty tax on those who have stayed with their energy company or don’t have time to shop around for a better deal. A fairer default price will give customers transparency and clarity, providing relief from confusing and often more expensive standing offers. Median standing offers in South East Queensland can be up to $369 per year more expensive than the cheapest market offer for households, and up to $2152 per year more for small businesses.

• Back investment in reliable generation which will improve competition, lower prices and guarantee reliable supply. We know that renewables are only cheap when the sun is shining and the wind is blowing. The Government will support projects that reduce wholesale electricity prices, support the reliability of the grid and increase competition.

• Support reliable power by requiring energy companies to sign contracts guaranteeing enough energy to meet demand. This will prevent blackouts and stop their disastrous impact on local economies in Bonner.
Federal Member for Bonner, Ross Vasta MP, has welcomed the Government’s strong action to lower power prices while keeping the lights on.

“I know families and small businesses in Bonner are struggling with rising power prices. Often they tell me negotiating with energy companies can be time-consuming and confusing”.

“Our plan will take the pressure off families and small businesses and put customers back in charge by cracking down on dodgy practices, supporting investment in new generation and guaranteeing reliable supply,” Mr Vasta said.

Mr Vasta also called on the Queensland Government to stop profiteering from families struggling with the cost of living. The Queensland Labor Government owns 70% of the state’s generators, which are earning excessive profits. This is a secret energy tax on Queenslanders. As households and businesses struggle with record power bills, Queensland’s state-owned power companies made an extra $269 million in profit last financial year to deliver a $1.65 billion dividend to the Palaszczuk Labor Government. Record profits from Government-owned generators are being taken from the pockets of Queensland families and small businesses straight into the Labor Government coffers.

The Morrison Government’s plan builds on this Government’s strong record of lowering power prices that saw retail electricity prices drop in Queensland on 1 July 2018.

Since 2013, the Government has abolished the carbon tax, reined in the power of the electricity networks, secured better deals for 1.6 million households and provided $269 million for one-off Energy Assistance Payment to age and disability support pensioners, single parent families and veterans.

In contrast, Labor plans on introducing a 50% Renewable Energy Target and 45% Emissions Reduction Target. This reckless policy will damage the local economy and be paid for by every energy user in the country.