Queensland passes electricity price reform bill

Queensland parliament passes electricity reform bill 16000646 800468230 0 0 14028791 300

The Bligh government has passed reforms to deliver what it calls a "fairer and more flexible electricity pricing system for Queenslanders".

The new bill will remove the Benchmark Retail Cost Index system currently in use by the Queensland Competition Authority (QCA).

In its place will be a methodology that sets electricity prices based on the cost of supply.

Minister for energy Stephen Robertson says: "The Bligh government is very conscious of the impact rising electricity prices have on Queensland families and their household budgets."

"It wouldn’t be possible to maintain our reliable and secure electricity network for all Queenslanders unless retail electricity prices are based on genuine increases in supply costs," he says.

Robertson believes that the bill will also provide support to the current Queensland Solar Bonus Scheme.

The QCA is scheduled to provide its final report on the new pricing system in May 2012.

For households who need more immediate relief from rising energy prices, it may be helpful to consult a switching service.

By comparing the rates of electricity suppliers in the region, consumers may be able to switch to a cheaper rate.