Published quarterly, the Victorian Energy Market Report aims to help customers understand how the energy retail market works and what they need to do to get the best out of it. It also highlights key compliance and enforcement outcomes delivered by the commission in the reporting period.
The September edition’s lead article features analysis of electricity and gas offers for residential and small business customers. Driven primarily by elevated wholesale prices, electricity and gas offers were higher in 2023–24 than in 2022–23.
When prices rise, the Victorian Default Offer provides important price protections for electricity customers who are unable or unwilling to engage in the retail market. It also acts as a benchmark price for electricity customers on market offers.
The key takeaway for consumers is that engaging in the market can lead to real savings.
For electricity customers in 2023–24, a typical household could have saved around $240, and a typical small business could have saved around $220, by switching from the Victorian Default Offer to the median market offer.
In the same period for gas customers, a typical household could have saved around $430, and a typical small business could have saved around $1,050, by switching from the median standing offer to the median market offer.
To find out if you are on the best deal, visit Victorian Energy Compare, the independent Victorian Government energy price comparison site.
The September 2024 Victorian Energy Market Report also highlights:
Compliance and enforcement outcomes in the reporting period, including accepting a $12M court enforceable undertaking from AusNet after it allegedly failed to provide required information to 255,000 customers during a catastrophic storm event in February 2024, and $369,840 in penalties for ReAmped Energy after it allegedly failed to comply with its ‘best offer’ obligations.
