The NSW government has claimed victory against rising electricity prices, with households expected to see falling prices for the second year in a row.
On Friday, NSW electricity distribution businesses Ausgrid, Endeavour Energy and Essential Energy lodged their investment and pricing proposals with the Australian Energy Regulator.
The plans show capital spending by the networks over the five-year period to 2019 is down by 39 per cent compared to the period 2009-14, the NSW government says.
"Following these proposals, it is expected that this will be the first time since the turn of the century that households will experience two successive annual reductions in power costs, in real terms," NSW Treasurer Mike Baird said in a statement on Sunday.
"The proposals lock in the gains that were made last year over the full five-year regulation period, keeping electricity bill rises below (the consumer price index)."
Minister for Resources and Energy Anthony Roberts said the government had finally turned around the double-digit electricity price increases that had slugged families and businesses under the former Labor government.
"If federal Labor would now get out of the way and allow (Prime Minister) Tony Abbott to abolish the carbon tax, price relief for NSW households in 2014-15 would be around 10 per cent," he said.
"The Liberals and Nationals government will continue to drive down the cost of electricity for households and businesses across NSW."
The NSW government says electricity prices rose by more than 60 per cent over five years, including by about 20 per cent in 2009-10.
Following an initial savings target of $400 million, the three electricity businesses have achieved total savings of $1.1 billion in 2012-13, with projected savings of more than $4.3 billion over the five years to 2015-16.