on air now

We’ve ‘turned the corner’ on power prices but there’s more to do, Energy Minister says

Energy Minister Josh Frydenberg is confident we’ve “turned the corner” with energy prices but concedes there’s more work to be done.

Today, energy company Origin announced its plans to reduce power prices in Queensland and freeze costs in New South Wales from next month.

Origin says consumers can expect to see their sky-high power bills dip by around $25 a year while small business will also pay less.

Minister Frydenberg joins Ross Greenwood, saying he’s confident “we’ve turned the corner”.

“We’re on the right track. And small business customers in south-east Queensland, like in Brisbane, will see a saving of more than $200 a year.

“The business gas customers in Sydney will save $245 dollars a year on average. This is not a small amount of money but obviously, we have got some way to go.”

Mr Frydenberg says the government’s Snowy Hydro 2.0 scheme is a “game changer” and will add to downward pressure on power prices.

The Energy Minister is also defending his decision not to take the government’s energy policy back to the party room despite backlash from within its own ranks.

Coalition members including Tony Abbott and Craig Kelly have argued the government’s National Energy Guarantee needs more consultation before its taken the states and territories for approval.

Mr Frydenberg is standing by his decision to go to COAG first, telling Ross Greenwood the policy has already been approved by his Coalition colleagues.

“What we’ve discussed with the states is entirely consistent… which is what was approved by the party room earlier last year when we had this debate over the National Energy Guarantee.”

Click PLAY below for the full interview