Dr Anthony Lynham

STATE MEMBER FOR STAFFORD

Government pays forward energy dividends

Affordable Energy Plan

4 October, 2019 –

Almost $1.5 billion in dividends from Queensland’s publicly-owned electricity assets have been reinvested in driving down power bills.

I recently tabled the annual reports of the five energy government-owned corporations: Energy Queensland Ltd, parent company of Energex and Ergon; Powerlink; CS Energy; Stanwell; and CleanCo.

The annual reports show dividends in 2018-19 have subsidised regional power bills, provided two annual $50 discounts for Queensland households, and provided discounted electricity for regional customers.

Because the Palaszczuk Government stopped the LNP from selling our electricity assets, dividends can be directed to households where they’re needed most.

This investment of dividends is part of the Palaszczuk Government’s Affordable Energy Plan to put downward pressure on electricity prices for all Queenslanders.

In 2018-19, energy dividends enabled the Palaszczuk Government to deliver $465 million in subsidies to ensure families in regional communities across Queensland paid a similar amount for their power to those in the south-east of the state.

For the most vulnerable electricity customers in our community, $267 million in dividends was reinvested for affordability programs and initiatives under the Affordable Energy Plan.

And in 2018-19, $100 million in dividends was paid straight back into Queenslander’s pockets with $50 wiped off 1.9 million household power bills.

Funds have also been reinvested across the electricity supply chain – from generation, transmission and distribution – to improve, maintain and deliver reliable power.

More than $226.3 million was invested into capital projects at Stanwell and CS Energy to keep generation assets running safely, reliably and efficiently.

Another $210 million was invested in our poles and wires across Queensland with Powerlink and Energy Queensland.

For the 2018-19 financial year, the publicly-owned assets employed 9,160 Queenslanders across the state and trained 547 trainees and apprentices.

Queensland’s power assets are owned and run by Queenslanders. Because we own our power assets, Queenslanders are paying the lowest average electricity prices of any mainland state in the National Electricity Market.

The Palaszczuk Government will continue to use public ownership of energy assets to back Queenslanders and put downward pressure on energy bills.

In 2018-19, Under the Affordable Energy Plan, the Queensland Government delivered:

  • $17 million in grants and interest-free loans to install rooftop solar panels and batteries.
  • $1.6 million for Queenslanders who took up EasyPay Reward, with residential customers receiving $75 credit each year and business customers receiving $120 credit each year until 2020.
  • $2.5 million – of the total $4 million Energy Savvy Families Program – to help low-income families better manage their power bills.
  • $143,000 in Solar for Rentals trial providing 42 rebates to help renters and landlords enjoy the benefits of solar.
  • $700,000 to deliver the Business Energy Savers Program to benefit agricultural customers and large businesses.

To find out more about our Affordable Energy Plan visit https://www.dnrme.qld.gov.au/energy/initiatives/affordable-energy-plan