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Energy Changes
The Victorian Government has introduced changes to the electricity and gas retail markets. The changes remove the role of the government in setting electricity and gas prices. An independent regulator, the Essential Services Commission (ESC) will now monitor electricity and gas prices and report on them publically.
The deregulation of the energy industry poses both potential risks and benefits for consumers.
The risks for consumers, particularly those living in rural areas, are that:
- Retailers could adopt pricing strategies disadvantaging consumers where competition is low. For this reason it is important for consumers to check the new pricing strategy of their current provider and understand how they will be affected.
The potential benefits for consumers are that:
- Increased competition between energy retailers could lead to lower energy bills for consumers who shop around.
The new energy legislation made by the Victorian government ensures that:
Another useful link for finding the best plan available to you is
 http://www.choiceswitch.com.au which is a free service that compares all the major providers in your area.
These websites will make it easier to compare the various providers’ plans based on what is most important to you i.e. cheapest price, green energy or any special offers that may be available.
Should you decide it would be profitable to change providers there are instructions and tips including considering exiting fees as well as what questions to ask retailers provided on the ESC website or by calling the ESC on 1300 134 575.
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The deregulation of the energy industry poses both potential risks and benefits for consumers.
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