Powershop cuts prices for Victorian customers

Posted: 2 March 2018 3:07 pm

Increased use of renewables leads to an average 5% price cut.

Energy provider Powershop has announced price cuts for its customers in Victoria.

Powershop says the cuts will average 5%, or around $70 a year for a typical household. The company says the drops have been made possible by its recent deals to increase its renewable energy portfolio, which included acquiring three hydropower stations and sourcing additional wind and solar energy from other generators.

Rising energy prices have been causing increasing consumer angst and political headaches in recent years. Research by the Australian Competition and Consumer Commission (ACCC) last year suggested that average prices have risen by 63% over the course of the decade.

The Powershop price cut will only apply to its customers in Victoria, reflecting the state-centric nature of energy pricing structures in Australia. Powershop says it will review prices in NSW and Queensland when wholesale prices in those states are adjusted mid-year, and hopes to take advantage of its increased pool of renewables.

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