A credit of “around $30” is set to be applied to every Tasmanian household’s power bills this year as part of a $7.5 million electricity rebate after Hydro Tasmania recorded a pre-tax profit of $168 million.
The state government announced the first Renewable Energy Dividend (RED) on Tuesday morning, with each household expected to receive the payment “above and beyond any concessions they already receive, meaning they will pay less, and save more”.
Treasurer Michael Ferguson said the RED scheme was designed to return a portion of Hydro’s profits to consumers.
“In recognition of cost-of-living pressures, the Rockliff Liberal Government has taken the decision to make the payment threshold even more generous,” Ferguson said.
“The RED scheme will now kick in when Hydro Tasmania pays a dividend of $90 million or more (indexed), rather than the previously announced $100 million.”
Shadow Minister for Energy and Renewables Dean Winter called the “measly” rebate a “slap in the face for Tasmanians doing it tough”.
“A recent St Vincent De Paul report revealed that Tasmanians would be facing power bills that are up to $265 a year higher in 2023 than they were in 2022,” Winter said.
“To only give Tasmanian households $30 each when the Liberals have made an extra $100 million profit selling Tasmanian made power to Tasmanians shows just how out of touch Premier Jeremy Rockliff is.”
Electricity costs jumped by 9.51% on average on July 1, making the typical yearly power bill about $190 more expensive.
The total electricity price relief for Tasmanians this year, including the RED, will amount to $104.5 million.
