Electricity Price Increases in Victoria

Electricity Price Increases in Victoria

Victorian Energy
The Essential Services Commission (ESC) has released a report on electricity prices (here). The report unsurprisingly found that higher wholesale electricity costs drove recent market offer price increases. Over the 2021-22 financial year, the median electricity offer in Victoria increased by two per cent for residential customers and one per cent for small business customers. The market offer price trend over this period was broadly U-shaped, but with a sharper increase from January until September 2022. During the January to September 2022 period, the median electricity offer in Victoria increased by eight per cent for residential customers and six per cent for small business customers. Given the changes that occurred to wholesale pricing in June, we can expect further interesting analysis to arise for the July to December period. Wholesale…
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