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Interview with David Koch, Sunrise (Channel 7)

20 October 2020

David Koch

Subject: Energy prices


DAVID KOCH: Aussie households are paying less for power. Figures show the average cost of electricity for southern and eastern Australia has fallen by 4.4 per cent for existing customers, and 7.6 per cent for those switching providers. Energy Minister Angus Taylor joins me now. Minister, they're significant drops, why?

ANGUS TAYLOR: We are seeing more supply coming into the market, Kochie - we're making sure supply doesn't leave the market and that's putting downward pressure on prices. The Government has put a series of reforms through over the last several years and they're starting to bite. We've seen four consecutive quarters of electricity price reductions last year for the first time on record. Twelve months, or 13 months in a row now of wholesale price reductions. But the best way to take advantage of this, Kochie, is to shop around. We've updated the Energy Made Easy website which is a very simple way for people to look at their usage and find the best possible plan.

DAVID KOCH: Okay - because that is significant - 4.4 per cent drop for existing customers, 7.6 per cent drop if you switch.


DAVID KOCH: How easy is it to switch, though?

ANGUS TAYLOR: It's a lot easier than it used to be. We've made a number of changes here and the easiest way to do it is to go to the Energy Made Easy website. You can actually upload your usage, your plan, you can upload your invoices and from that Energy Made Easy will find the best possible plan for your usage and then it'll help you through the switching process.


ANGUS TAYLOR: So, it's a matter of using that website. Or just pick up the phone. It's as simple as that. If you pick up the phone and ask for a better price, the energy companies know that competition is something they have to respond to and we strongly encourage people to get out there and do it.

DAVID KOCH: That's a really good thing to be promoting, how easy it is to switch and that website will do it for you. The reason for the cut in power prices, is that because we're getting a better balance between renewable and traditional energy sources?

ANGUS TAYLOR: Yeah, what we are seeing is more supply coming in. A lot of that is household solar, as well as solar and wind, but we're also seeing traditional energy sources staying in the market. We're not seeing the big exit of coal-fired generators that we were seeing a couple of years ago, and that balance now is working much better for prices and it will continue too. And it's why shopping around now is a great opportunity for consumers.

DAVID KOCH: One of the big household bills under control. That's good. Minister, thanks for joining us.

ANGUS TAYLOR: Thanks, Kochie.

Media contact:

Minister Taylor's office: 02 6277 7120