[Greens-Media] PARNELL: SA Power prices plummet as green energy impact finally recognised

[Parnell]

Media Release
Tuesday 2nd October 2012

Power prices plummet as green energy impact finally recognised   

In a great result for long suffering electricity consumers, ESCOSA has issued a draft determination that reduces electricity rates by 8.1% or $160/year, says Greens Leader Mark Parnell.

The Essential Services Commission, which sets the standing electricity contract rate in SA, has reviewed the retail cost of electricity in the wake of falling wholesale prices.  The final decision on the rate cut is expected in December. 

"Finally - sanity has prevailed.  We have the lowest wholesale electricity prices in South Australia in 8 years, yet the retail price has continued to soar," Mr Parnell said.
 
"Back in June I said the failure to pass on wholesale price reductions to SA households was a sign of market failure.

"The Greens are delighted the fall in wholesale prices, mainly driven by wind and solar, is finally being passed on to long suffering consumers.

"Today's draft determination is an exciting recognition that the state's investment in clean energy from wind and solar will deliver long term price benefits for households, he said.


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