29 September 2022

The Essential Services Commission is closely monitoring Victoria’s retail energy market following recent volatility in wholesale energy prices.

“Our work this quarter shows median retail electricity offer prices increased by one to two per cent in the 2021-22 financial year, with a sharper increase of six to eight per cent from January to September 2022 on the back of higher electricity wholesale costs,” Commissioner Symons said.

“Despite those changes, retail prices are still relatively low compared to the past four years.”

In retail gas markets, residential and small business offers increased by 19 and 18 per cent respectively in the past financial year, again following elevated wholesale costs.

“Over recent months, we’ve seen price caps, market interventions and spot market suspensions in the wholesale market. The commission’s focus during this time has been to promote and protect the interests of Victorian consumers,” Commissioner Symons said.