The Victorian Government has introduced 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 for electricity and work with retailers to enforce it.
The legislation will 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 and 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 last year.