More than half a million Victorian households will see their electricity bills fall from July 1, after the state’s energy regulator confirmed a drop in default power prices.
The Essential Services Commission (ESC) has finalised its new default electricity offer, announcing an average 5 per cent reduction for households a saving of about $84 a year. Small businesses on the default offer will benefit from an even larger cut of 6 per cent, or roughly $241 annually.
Around 512,000 households and 62,000 small businesses are on the default offer, including 182,000 embedded network customers living in apartments, retirement villages and caravan parks who cannot choose their own electricity retailer.
Savings will vary across Victoria’s five distribution zones. AusNet customers will see the biggest drop about $160 while Citipower customers will save around $65, and Powercor customers about $70.
The reductions are larger than those forecast in the ESC’s draft decision in March. Average residential bills will fall from $1,675 to $1,591 a year.
ESC chair and commissioner Gerard Brody said the cuts would be “welcome news” for Victorians still grappling with cost‑of‑living pressures.
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