Chris Bowen acknowledges ‘more work’ required to bring down power prices

Climate Change and Energy Minister Chris Bowen has acknowledged there is “more work” to be done to bring down electricity prices after the Australian Energy Regulator revealed its default market offer. A majority of Australians living on the east coast could see reductions in their power bills this year after two years of price rises. The Australian Energy Regular announced on Tuesday the majority of households could see electricity price reductions of between 0.4 to 7.1 per cent from July 1. Mr Bowen attributed the reduction in power prices to the coal and gas caps, as well as international changes. “They are the result of getting more renewables into the grid Mr Speaker because renewables are the cheapest form of energy,” Mr Bowen said during Question Time.