News: Australian regulator cuts average revenue for AusNet Services

MELBOURNE, April 28 (Reuters) - Australia's energy regulator on Friday cut the average revenue that AusNet Services can collect on its electricity transmission services in the state of Victoria by A$32 million ($24 million) a year, reflecting concerns about rising power bills.

"With increases in other components of household electricity bills, effective regulation of network costs has never been more important," Australian Energy Regulator Chairwoman Paula Conboy said in a statement.

AusNet is 51 percent owned by Singapore Power [SINTT.UL] and State Grid Corp of China [STGRD.UL].

($1 = 1.3394 Australian dollars)