Queensland energy prices have crashed – time to cash in

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Annual electricity costs in South East Queensland have tumbled by almost $200 over the last two years, Canstar Blue analysis shows.

Prices up to 31 per cent less than the Reference Price are on offer to Sunshine State residents as a result of a reduction to default energy prices and several new providers launching in the South East, which has helped drive average costs down by nearly 13 per cent.

The current cheapest offer is $269 cheaper annually than the best-priced plan available in July 2019.

“Not only has there been a surge of new companies entering the market, Queenslanders have been lucky that power generation costs have been reducing, with some savings passed on by the retailers,” explained Canstar Blue Editor-in-Chief, Simon Downes.

“We know that Queensland customers have had enough of paying high prices for energy, so we’re pleased to see our data has confirmed bill-payers are better off now compared to two years ago, especially if they have engaged in the market and switching to one of the cheapest deals.”

Mr Downes notes only customers on the Energex network stand to benefit, as these changes won’t apply to households in regional QLD. This is because energy outside of south east QLD falls under a regulated price market, where power prices are set by the Queensland Competition Authority (QCA).

Falling power bills are a result of increased competition, as well as electricity becoming cheaper for retailers to purchase.

QLD Energy Prices

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision. The next three tabs feature products exclusively from AGL, EnergyAustralia and Origin.

Here are the AGL Energy plans on our database for SE QLD. These are products from a referral partner†. These costs are based on the Energex energy network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are the EnergyAustralia plans on our database for SE QLD. These are products from a referral partner†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are the Origin Energy plans on our database for SE QLD. These are products from a referral partner†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

2019 vs 2021: Electricity Price Comparison

Canstar Blue data reveals notable price differences from 2019 to now, with Queenslanders saving on average $199 a year. Here’s what our experts found across the Energex network:

Average Annual Cost QLD (Energex – 4,600kWh)
July 2019 $1,551
February 2021 $1,352
Price Difference $199
Lowest Annual Cost QLD (Energex – 4,600kWh)
July 2019 $1,309 (17% Less Than Reference Price)
February 2021 $1,040 (31% Less Than Reference Price)
Price Difference $269

Accurate as of 24 February 2021. Based on single-rate plans on Canstar Blue’s database, excluding solar-only plans. Reference usage and cost based on those set by the Australian Energy Regulator (AER). Annual costs that are based on the AER’s reference annual usage and assume all conditions of discounts offered (if any) are met. The Lowest Annual Costs for July 2019 are compared to what the Reference Price was at that time.

At the time of publication, Elysian Energy, ReAmped Energy and Mojo Power offer the cheapest plans – which range from 28 to 31 per cent off the Reference Price.

Mr Downes added: “It’s important to mention that the best deals are usually only available to those who go looking for them. If you’ve been on the same plan for a while, you could be paying too much, which is why comparing prices frequently goes a long way to help your back pocket.

“Don’t just set and forget or else you could be stuck on a deal that’s no longer competitive, and nobody likes paying more for the same power as their neighbours. The message is really simple: don’t be afraid to switch providers if you’re unsatisfied, and sometimes it’s worth contacting your current power company to ensure you’re getting its best rates.”

Image credits: SewCream/Shutterstock.com

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