The Victorian Labor Government is working with Victorian power companies to give Victorians a better deal on their power bills.
The Labor Government will introduce a bill into parliament to legislate a Victorian Default Offer that will cut the cost of energy for households across the state.
The Energy Legislation Amendment (Victorian Default Offer) Bill 2019 will empower the Essential Services Commission to determine a fair price and work with retailers to enforce it.
The legislation would abolish standing energy offers and require energy retailers to offer a fairer price for energy – which could save households around $200 to $500 a year on average on their energy bills.
The new measure is part of the Labor Government’s final response to the bipartisan Independent Review of the Electricity & Gas Retail Markets in Victoria.
The Independent Review – undertaken by John Thwaites, Terry Mulder and Patricia Faulkner – was the result of detailed research into energy retail prices and extensive consultation with consumers and industry.
The Review found that intervention was required to ensure better outcomes for customers, and recommended a range of measures to put downward pressure on prices and protect low income and vulnerable customers.
The Victorian Default Offer builds on the government’s work to help Victorians take control of their energy costs by putting solar panels on 700,000 homes – with nearly 10,000 Victorian households installing solar panels since August 2018.
Premier, Daniel Andrews, said, “Hard working Victorians are sick of being ripped off by energy retailers, so we’re getting rid of these unfair deals.
“This is just one of the ways we’re putting power back into the hands of Victorians, as we put solar panels on 700,000 homes and cut the cost of energy.”