The price of residential electricity is estimated to start falling next year and continue to fall until 2022, the Australian Energy Market Commission says.
The AEMC Residential Electricity Price Trends 2019 report predicts residential electricity prices will decrease, with a representative Australian household electricity bill expected to reduce on average by nearly $100 by 2021-22.
AEMC chairman John Pierce expects reductions across all states in the national electricity market.
"The increase in supply is putting downward pressure on prices.But it is important to note that during a decade of analysis, we have seen the Trends strongly change in response to factors such as sudden generator closures and the implementation of new policies.As such, all price projections should be seen like that, projections".
He further added that these projections should be seen as just that - projections.
Australian households are expected to save an average of $97 on their power bills over the next three years - but WA is the only State where prices are forecast to rise.
"The big stick legislation, the retail reliability requirement, the Grid Reliability Fund and the Underwriting New Generation Investments program are all created to put downward pressure on wholesale prices and provide a more reliable supply.to the network to ensure the reliability, 24/7 and affordable power that Australian families and businesses deserve".
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No new investment in gas or coal is forecast beyond current projects that have been approved.
While the AEMC's projections are predicated on strong renewable energy investment, the cost of "green schemes", which include federal and state renewable energy targets and energy efficiency schemes, are also expected to fall dramatically over the next few years.
This drop shouldn't be anticipated for Western Australia, the place annual payments are estimated to be $100 costlier. These cuts are likely to be driven by the increasing supply of renewable energy and sufficient generation across the electricity market. The cause is mainly due to rising gas costs.
"Total, a consultant shopper can pay round $97 lower than at the moment by June 2022".
The AEMC estimates that $62 of these savings will come from lower wholesale electricity prices, and lower network costs and environmental scheme costs will contribute $11 and $21 in savings respectively.
Price trends will affect individual households differently depending on how much electricity each consumer uses, and how willing they are to switch to a better energy deal where market offers are available.
New South Wales prices are tipped to fall overall by 8 per cent ($107), Victoria by 5 per cent ($53), ACT by 7 per cent ($134), Tasmania by 5 per cent ($93) and South Australia by 2 per cent ($27).