Origin flags electricity price cut, freeze after hefty rises

Origin Energy has announced it will cut the power bills of customers in south-east Queensland and South Australia from July 1 — despite introducing double-digit price hikes last year.

It also said there would be no change in pricing for NSW and the ACT, with the company to absorb an expected 3 per cent price hike.

The largest cuts will be given to Origin’s small business customers in SA and south-east Queensland next month, down by 1.4 and 4 per cent respectively.

Residential customers in those two states will see their electricity prices fall by a slight 1 per cent each.

In a statement, Origin said this was “the first time since 2015 that there will be no increase to mid-year retail electricity prices”, a move it said would “deliver modest relief from rising prices”.

“Customers have felt the pinch of higher electricity prices and while this is a modest turnaround, we are glad to be delivering better news this year,” said Origin’s head of retail, Jon Briskin.

“Our prices reflect a more stable National Electricity Market overall.”

Less than a year ago, Origin hiked electricity prices for its NSW and South Australian customers by more than 15 per cent.

At the time, EnergyAustralia and AGL Energy also lifted their electricity prices by almost 20 per cent.

EnergyAustralia’s spokesperson was tight-lipped on whether it planned to deliver a small price cut for customers in the new financial year.

“EnergyAustralia is in the process of reviewing its retail energy prices for households and small businesses in NSW, Queensland and South Australia,” she said.

“We intend to announce the outcome of this review shortly.”

AGL was contacted for comment.

Origin Energy’s share price had fallen 2.7 per cent to $9.33 (at 12:20pm AEST).

Source: The New Daily

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