00:02Like so many Australian energy users, Luke Cuarto has endured a rough ride lately.
00:08Do I pay the electricity bill on time or do I just forfeit some of it just so I can
00:14go to the shops and buy food?
00:17But amid the doom and gloom of yet another energy crisis, a small bright spot has emerged.
00:23After years of increases, benchmark power prices are set to fall.
00:26By up to 10% in South East Queensland, 8.2% in New South Wales and 1.3%
00:33in South Australia.
00:34It follows a decision last week to lower benchmark prices in Victoria by 3%.
00:39We've seen much lower wholesale electricity costs over the last 12 months, much less volatility in our markets.
00:45Analysts say pressure is likely to return in the years ahead as coal plants close and spending on the energy
00:52transition increases.
00:53Still, the Federal Government says renewable energy is easing prices, pointing to a new scheme in which households will be
01:00given free electricity for three hours in the middle of the day.
01:04When the sun is shining at its brightest and power is negative or its cheapest, then consumers should be able
01:09to benefit from that.
01:10For consumers without smart meters like Luke Cuarto, who can't subscribe to the scheme, longer term fixes await.
01:18I work from 7 in the morning till 3 in the afternoon. I'm not at home at that time. I
01:23don't have any way to capture that free energy. It's just going to be wasted on me.
01:28Season for our opener doesn't mind.
01:29You are remarkable.
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