Around two million households across the state will see another $50 wiped off their electricity bills for each of the next three years through dividends as Queenslanders reap the rewards of owning their electricity assets.
Deputy Premier and Treasurer Jackie Trad said Queensland’s publicly owned power assets would deliver their third $50 dividend in three years, with two more to come.
The new $300 million household affordability package is part of the Palaszczuk Government’s ongoing commitment to lower electricity prices.
“Queenslanders pay the lowest average power prices of any mainland state in the National Electricity Market,” Ms Trad said.
“Unlike other states, the dividends from our publicly-owned companies flow not to multinational shareholders overseas, but to Queensland families across the state.
“The $50 dividend will be applied as a credit on your electricity bill. Your electricity retailer will apply this credit from the second half of 2020.
“Today’s announcement means that over five years, Queenslanders will have pocketed $250 from their dividend payments.
“With our new publicly-owned low emission generator CleanCo now pumping more renewable energy into the grid and CS Energy and Stanwell Corporation working on research to produce renewable hydrogen as an energy source, our publicly owned generators will continue to supply Queenslanders with affordable, reliable power for generations to come.”
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Ms Trad said public ownership of power assets and the government’s clear energy policy was successfully placing downward pressure on power bills.
“Last year a report from the Auditor-General confirmed that the Queensland Government’s Powering Queensland and Affordable Energy Plans are working and delivering more stability and lower prices for Queenslanders,” she said.
The report outlined that, in 2018-19 alone, the state government gave back $1.07 billion to consumers in the form of rebates and subsidies, including funding to support the additional cost of supplying power to regional Queensland.
“In 2017–18, this government committed to ensure prices would not increase by more than inflation over the next two years for households and small businesses and tick we have delivered,” Ms Trad said.
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Energy Minister Dr Anthony Lynham said that cost of living pressures continued to be the focus of the Palaszczuk Government, particularly after the damaging policies of the former LNP Government.
“The $50 dividend is another example of the stark difference between the Palaszczuk Government and the LNP Newman Government, in which then Assistant Treasurer Deb Frecklington sat by as power prices rose 43 per cent,” he said.
“The Palaszczuk Government’s 50 per cent per cent renewable energy target continues to benefit Queenslanders, with the Queensland Competition Authority last year noting that the continued influx of renewable energy and other government initiatives such as the establishment of CleanCo continue to put downward pressure on energy prices.”
The $50 dividend payment dividend will go to home owners, tenants, customers who receive an electricity bill from their landlord or body corporate, and customers in communities with card-operated meters.