Australian, Feb. 24 -- The Morrison government is trumpeting a breakthrough to deliver lower power prices, saying customers on standing offers could secure savings worth hundreds of dollars after 1 July.

The Australian Energy Regulator has released a draft default market offer, which effectively caps prices for electricity consumers on standing offers, and can act as a comparison for other households and small business customers according to reports published intheguardian.com

The regulator says its ruling, if adopted, would lead to "reductions in median standing offer prices in all distribution zones" of up to $218 for residential customers on flat-rate tariffs.

The move to set a default market offer follows a recommendation from the ...