Electricity prices are set to fall across Australia’s main grid, with the regulator pointing to increased renewable energy and storage as key drivers – though global risks remain.

The cost of electricity looks set to fall for households and businesses in all of Australia’s National Electricity Market (NEM) states, the regulator has advised, as wholesale power prices are eased down by reduced volatility and bigger contributions from wind farms and big batteries.

In a draft decision published on Thursday afternoon, the Australian Energy Regulator (AER) is proposing reductions in the Default Market Offer (DMO) in New South Wales, southeast Queensland and South Australia.

If adopted, the AER says DMO annual prices for residential customers would fall by between 1.3 per cent and 10.1 per cent, while small business prices would decrease by between 7.6 per cent and 21.2 per cent, depending on the........

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