Victorian households to pay $100 less for electricity as state’s regulator lowers its recommended pricing

Victorian households will pay about $100 less for electricity, with the state’s regulator lowering its recommended pricing for power companies. More than 340,000 or 12 per cent of customers on default offers will pay an annual bill of about $1655 from July 1, representing a 6 per cent cut, the Essential Services Commission confirmed on Thursday. More than 58,000 or 19 per cent of small businesses will pay a $3530 yearly bill, making for a $260 reduction.

“These reductions are offset mainly by an increase in network costs, which reflect a ‘pass through’ of the network tariffs approved by the Australian Energy Regulator,” the report said. Compared with the 2023-2024 offer, wholesale electricity costs have fallen $143 and network costs have increased $44 on average for domestic customers. “We heard strong feedback from stakeholders that cost-of-living pressures continue to make it difficult for many in our community,” Sheppard said.

Source: News Formal (newsformal.com)

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