Power prices expected to fall by up to 10% from July, bringing ‘welcome relief’ to Australia’s east coast

The Australia Energy Regulator says a lot of renewables have come into the market, including strong wind generation. Photograph: Saeed Khan/AFP/Getty Images

Power prices on Australia’s east coast are predicted to fall from July because of increased output from wind generation and batteries, and falling electricity contract prices, with potential savings up to $1,320 for some small businesses.

In a draft decision on Thursday, the Australia Energy Regulator (AER) proposed a price reduction for customers on standing electricity plans – known as the “default market offer” – of between 1.3% to 10.1% for residential customers, and between 8.5% and 21.2% for small businesses, depending on the region.