South Australia’s Energy Minister Tom Koutsantonis MP has issued an ultimatum to electricity retailers in the state after a new report revealed a significant plunge in wholesale power prices.
According to an Australian Energy Regulator report, the average wholesale power price in SA dropped to $53 per megawatt hour, down from $80/MWh in the final quarter of 2022. The report also found more than 75 per cent of electricity generated in SA during 2023 was from renewable energy.
During the last quarter of 2023, SA’s solar contribution exceeded the state’s demand, which lead to power being exported to Victoria.
Pass the bucks! Kouts’ ultimatum to retailers https://t.co/4WrPKBMqMj
— Tom Koutsantonis MP (@TKoutsantonisMP) January 31, 2024
In response, Mr Koutsantonis told The Advertiser that electricity prices were “heading in the right direction, going down after the international energy crisis of 2022.”
“There can be no more excuses from retailers – they simply must pass on these savings to consumers, not simply pocket extra profits,” Mr Koutsantonis said.
“Generation and network costs are by far the biggest components of household electricity bills. Retailers must acknowledge that their costs have fallen – and pass those savings on to households and businesses.”
Source: The Advertiser.
