Australia’s power regulator drafts price cuts of up to 7.1% for households as generation costs ease

The majority of residential customers can expect power price cuts of between 0.4% to 7.1% under the regulator’s draft default market offer. Photograph: Mick Tsikas/AAP

Millions of households should see power prices fall in the coming year as falling costs for generation have declined from the “extreme peaks of 2022”, the Australian Energy Regulator says.

The regulator released its draft default market offer for 2024-25 on Tuesday, setting a guide for electricity prices in New South Wales, South Australia and south-east Queensland.