Queensland’s wholesale power prices down 39 percent

A new report by the Queensland Audit Office (PDF 1.9mb) has found the State's average wholesale electricity price decreased by a significant 39 percent, or $57 per megawatt hour, over the last financial year.

This decrease is more than the national average decrease of 36.2 percent. The report credits increased renewable energy generation and the Federal Government’s cap on coal prices as key reasons wholesale electricity prices have come down.

The report also highlights that Queensland is currently on track to meet all of its renewable energy targets, including 80% by 2035.

Queensland Conservation Council campaigner and energy expert Stephanie Gray said

The proof of the pudding is in the eating, and this report is concrete evidence that Queensland’s renewable energy targets are driving new clean energy supply and bringing down the cost of electricity.

Queensland's legislated renewable energy targets have provided investment certainty and mean Queensland's electricity prices are dropping faster than other states.

Unfortunately, we often see energy retailers make eye-watering profits by not passing on all of these savings to consumers.

To drive down power bills further, we need to keep up the progress and make sure we’re installing more solar, wind and storage capacity.

That's why it’s a big concern that the new Queensland Government doesn’t currently have an energy plan and is considering repealing the state’s renewable energy targets.

Scrapping the targets, which are clearly working, puts further bill savings and energy reliability at risk.

We'd like to see the Queensland Government maintain our renewable energy targets, and get cracking on planning reforms so solar and wind projects are better sited and deliver more benefits to the community and nature.

The report found on average renewable energy generation in Queensland has increased by 3.5 percent each year since 2020. Queensland is now running on 27 percent renewable energy.

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