News: UPDATE 1-Australian regulator cuts transmission revenue for AusNet by 6 pct

(Adds regulator comments, revenue figures)

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 6 percent for the next five years, reflecting concerns about rising power bills.

AusNet would be allowed to collect an average A$511 million ($382 million) a year in 2017 through 2022, down A$32 million on the previous five years, the Australian Energy Regulator said, adding that the sum was nearly 10 percent less than AusNet had sought.

"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].

The decision would mean that transmission costs, which make up about 5 percent of household electricity bills, would fall in real terms over the next five years, Conboy said.

Rising energy bills and blackouts have led Australia's federal and state governments to take drastic steps this year, including forcing gas producers to boost supply to power plants and splashing out funds for big batteries to store wind power.

($1 = 1.3382 Australian dollars)