The QCA on Thursday released its regulated retail electricity prices for 2020-21 for regional areas.

There will be a 5.9 per cent decrease – equating to $84 – in the average annual bill for householders on the main residential tariff, with small businesses to receive a 3.2 per cent decrease, or $75.

QCA Chair Professor Flavio Menezes said estimates are based on average household usage and will vary for individual accounts depending on their tariff and usage.

“The fall in residential and small business tariffs can mostly be ascribed to lower energy costs,” Menezes said.

He said the state’s uniform tariff policy, which includes a $500 million subsidy, means most regional customers pay less for electricity than it costs to supply them.

Energy Minister Dr Anthony Lynham said it was the third year in a row that regulated regional power prices have dropped and the latest was the largest decrease in 15 years.

He said the Government had also locked in another two annual $50 dividend payments for the next two years.

“Queensland has the energy trifecta: lowest average wholesale prices on the eastern seaboard, reliable supply and a planned transition to a renewable future,” he said.

The LNP opposition earlier this week pledged a further $150 million on top of the half a billion annual energy subsidy to encourage retailers into the regional market if they win power at the October 31 election.

Deputy LNP leader Tim Mander said subsidising electricity retailers in regional areas was vital because the only player at the moment is Ergon Energy.

“The LNP policy is to invest another $150 million on top of the $500 million uniform tariff policy already,” Mander told reporters in Rockhampton on Tuesday.

“We will bring competition to the electricity retail market and the regions, which will lead to at least a $300 saving per year for the average household.”

-AAP