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Energy plan stabilises prices

DMO stabilises prices

The draft Default Market Offer (DMO) has showcased the energy bill benchmark stabilising and trending downwards across Australia.

The independent Australian Energy Regulator (AER) sets the DMO as a benchmark for residential and small business electricity bills in NSW, southeast Qld and SA.

The draft shows price reductions in most jurisdictions, with up to nearly 10 per cent reduction for some small businesses and up to more than 7 per cent reduction for some households.

The Victorian Default Offer (VDO) shows an average reduction of 6.4 per cent for residential customers and 7 per cent for small business customers.

“Today’s figures show a welcome downward trend for prices following the biggest global energy crisis since the 1970’s – but we know there’s more to do to get cheaper energy in the grid for Aussie families and businesses,” Minister for Climate Change and Energy Chris Bowen said.

The Federal Government’s plan of delivering 82 per cent renewables by 2030 has delivered record investment in batteries and large-scale storage, 27 large scale batteries under construction and 5.9GW of renewable generation added.

The AER will consult on the draft DMO before releasing the final DMO on 27 May 2024.

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