The Australian Energy Regulator has announced a price cap on energy bills, to protect families and small businesses from being exploited.

The default power price will come into effect from July and apply to NSW, southeast Queensland and South Australia.

Energy Minister Angus Taylor tells Chris Smith it could mean savings of up to $663 a year for consumers.

“All retailers must be at or below that price cap and it’s significantly lower than the prices that have been charged to customers, by default, in the past.

“They have hit loyal customers, in particular, hard over recent years and we’ve said enough of this.”

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