The Essential Services Commission (ESC) has released its final decision on the Victorian Default Offer electricity price, locking in a reduction of about $100 for residential customers and about $260 cut for small businesses.
From 1 July 2024, the average rate Victorian Default Offer customers pay for their electricity would be reduced by about six per cent for residential customers and about seven per cent for small business customers.
With about 340,000 residential and 58,000 small business customers currently on the Victorian Default Offer and a further 180,000 customers in embedded networks, such as apartment buildings and office blocks, with the Victorian Default Offer based on an assessment of the efficient costs retailers needed to recover to provide electricity, acting as a reference price so customers can more easily compare different deals in the market.
Essential Services Commission chief executive Sarah Sheppard said the decision was good news for Victorian consumers, reducing typical household bills by up to $124 a year in some distribution areas, on top of the $300 energy bill rebate announced in the Federal Budget.
“Your electricity retailer is obligated to tell you if they can offer you a better deal at least once every three months,” she said.
“Retailers must also assist customers experiencing bill stress.
“You may be entitled to assistance such as payment plans and help applying for Victorian Government energy concessions and Utility Relief Grants.”
For more information, visit compare.energy.vic.gov.au
