New cap could save you hundreds of dollars off your power bills, starting today
The government claims a new cap on energy prices will save some Australians hundreds of dollars a year, starting from today.
The Australian Energy Regulator has introduced a maximum price for customers on ‘standing offers’ across New South Wales, south-east Queensland and South Australia.
A ‘standing offer’ is the default price all households go onto unless they negotiate a better deal.
From today that default price will be capped and could save about 800,000 customers across NSW and Queenslanders up to $662 a year for homes and $2851 for businesses.
However, some listeners are sceptical about the government’s claims, saying they can’t afford to turn their heaters on through winter.
Energy Minister Angus Taylor says the best way to save on your power bills is to ring around and negotiate a better deal.
But he tells John Stanley this will help everybody who doesn’t have time to do that.
“From today, effectively there is a price cap in place.
“That applies to standing offers, that’s the price you get if you haven’t gone in and negotiated a better price.
“They’re quite substantial reductions… that applies to people who haven’t had the time to ring around.”
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