The ongoing volatility in the national electricity market has continued to have a significant impact on the wholesale price of power in Tasmania.
While 99 per cent of us have the benefit of regulated power prices, there are a number of businesses that are unregulated and have been exposed to price increases.
That’s why we have allocated an extra $10 million in the 2018-19 Budget to extend the rebates for industrial and commercial customers coming off contract for a further 12 months.
Under this extended scheme, a further rebate of up to $16.31 per megawatt hour will be made available to eligible business customers. The rebate will apply to contracts entered into between 1 July 2018 and 30 June 2019.
While we recognise that the market environment continues to be challenging for unregulated customers, this ongoing Government assistance is great news for Tasmanian businesses.
“Energy is a significant cost to business,” said Robert Mallett from the Tasmanian Small Business Council. “The Government’s commitment to extend the rebate is fantastic, this will ensure those hardest hit receive the support they need.”
As part of our Plan to Build Your Future, the Tasmanian-First Energy Policy has an ambitious target of achieving the lowest regulated power prices in the country by 2022.
We are also undertaking a review of the wholesale pricing arrangements in Tasmania as part of this commitment, which sets a target for Tasmania to be fully self-sufficient with renewable energy by 2022.