Annual Report 2018-19

Term

Definition

‘best offer’

A type of energy reform that enables Victorians to see whether they’re on the energy retailer’s most suitable plan. From 1 July 2019, your energy retailer must put ‘best offer’ information on your electricity and gas bills at least once every four months.

CALD

An acronym that stands for ‘culturally and linguistically diverse’. People within the CALD community may speak a foreign language, organise specific cultural activities or have  spiritual needs.

CPV

Commercial passenger vehicle. A term that includes taxis and unbooked ride-share services.

domestic building insurance

A type of insurance taken out by builders and covers homeowners for defects if their builder dies, disappears or goes out of business.

electricity distributor

Electricity businesses that own and manage the power poles and wires that deliver power to your home or business. These businesses are generally separate to energy retailers (who sell you electricity and gas).

Energy Fairness Plan

A Victorian Government initiative that aims to implement reforms within the energy sector.

Energy Retail Code

A code that sets out the rules electricity and gas retailers must follow when selling energy to Victorian customers. The commission maintains the code.

Engage Victoria

A Victorian Government website that enables citizens and businesses to make submissions on key projects run by government bodies.

Essential Services Commission

We are an independent regulator that promotes the long-term interests of Victorian consumers with respect to the price, quality and reliability of essential services. We regulate Victoria’s energy, water and transport sectors, administer the rate-capping system for the local government sector and regulate the Victorian Energy Upgrades (VEU) program.

Fair Go Rates system

A local council rate-capping system. It establishes rate caps to limit the amount by which Victorian councils can increase rates in a year without seeking additional approval.

FarrierSwier

An advisory and management consulting service.

higher cap application

An application where a local council asks for a rate increase above the cap set by the Minister for Local Government. Councils submit their applications to us, and we then assess and accept or reject the applications.

LED

Light-emitting diode. A form of energy efficient lighting.

Local Government Victoria

A Victorian Government body that provides policy advice, oversees legislation and works with councils to support responsive and accountable local government services.

non-cash payment surcharge

A surcharge that applies when a taxi passenger pays for a fare using non-cash payment transaction options, including credit, debit and charge card. We are reviewing the maximum surcharge.

PREMO

A water pricing framework we implemented for water prices that apply from 1 July 2018 onwards. The framework aims to put customers at the centre of a water business’s decision making through incentives focused on five elements: performance, risk, engagement, management and outcomes. These elements form the ‘PREMO’ acronym.

Royal Commission into Family Violence

A commission focused on investigating how to eliminate family violence within Australia. The commission concluded its work in May 2016.

simple standing offer

A type of electricity pricing offer. You may be able to check your bill to determine if you’re on a simple standing offer.

tariff

A list or table showing the costs (prices) of a service or item. Tariffs we regulate include water tariffs and the minimum feed-in tariff that your energy company pays you for power you export to the grid (via sources including solar panels).

VEEC

Victorian energy efficiency certificate. Large energy retailers are required to acquire and surrender these certificates in order to participate in the Victorian Energy Upgrades program.

VEET Act

The Victorian Energy Efficiency Target Act 2007. Our Victorian Energy Upgrades Program operates under the VEET Act.

VEU

The Victorian Energy Upgrades program. An energy efficiency initiative that helps Victorians reduce their energy bills and greenhouse gas emissions by providing access to discounted energy efficient product and services.

Victorian Default Offer

A type of energy reform that applied in Victoria from 1 July 2019. The offer is an independent, ‘fair’, priced electricity offer that you can switch to, or use to check if you’re getting value for money on your electricity.

Victorian Energy  Market Report

A guide on how the electricity and gas markets are performing. The report aims to help customers piece together how the energy retail market works, and what they need to do to get the best out of it.

Victorian Managed Insurance Authority

The authority provides risk and insurance services to protect Victoria’s assets and minimise losses from adverse events.