Rude shock: Victoria electricity price changes in January 2017
Thursday 12 January 2017
Article by Kelly Emmerton
2017 has arrived, and brought with it a serious case of electricity bill shock for Victorian households, as energy retailers hike prices across the board.
As usual, Victorian power retailers updated their prices this January with changes becoming effective on the first of the month. And, perhaps unsurprisingly, those changes drove the average 3 person household's electricity bill up by as much as $123.
A big part of the reason why prices have skyrocketed this year is the imminent closure of Victoria’s Hazelwood coal-fired power station, set for March, 2017. The AEMC has predicted that the closure of the plant might increase electricity bills around the country by up to $150 by 2018/19.
Other factors, such as upgrading old systems as renewable energy becomes more popular and the price for gas through gas-fired power stations also played a part in the recent price increases.
Major changes from the January 1st electricity price hike
The smallest increase was from major retailer Origin Energy, who lifted prices by only 5.41%, or an average of $24.
Customers of another heavy hitter, AGL, felt the pinch of prices hiked by 9.70% (an average of $42), while other major player, EnergyAustralia, had the most expensive average bill of the big three, despite a slightly lower 9.28% hike (average rise of $41.)
Online Power & Gas customers saw the biggest price hike - with the average quarterly bill estimate rising by more than 25% or $123.
Summary of Victorian electricity price changes
Here’s a picture of what the changes to each energy retailers prices could look like for Victorian households. All prices in this table are a quarterly estimate, based on the average energy consumption of a 3 person household.
Find the best energy deals
It’s not all doom and gloom for Victorians, though. For households who are feeling the pinch of rising electricity prices, there are plenty of sign-up incentives around that make switching to a better plan an even sweeter deal. Some of the top offers on the market right now include:
- Dodo Power & Gas - get $100 off your first bill, plus a 30% pay on time discount.
- Powershop Online Saver - pay on time for up to a 34% discount, plus, if you’re keen to go green, Powershop offers 100% green electricity. It also snagged two Mozo Experts Choice Energy Awards, for Best Value Electricity and Best Value Solar-Friendly Electricity.
- Lumo Energy Advantage Premium Package - snag a 33% pay on time discount.
- Momentum Energy Smile Power Plus - switch to this plan online and as a thank you, you’ll receive a $50 credit.
You can also use our new and improved energy comparison tool to compare all the plans available in your area and find one that works for you. All you need to do is plug in the details of your energy use - simple!
If you'd like to check out the changes made in other states in July 2016, head over here for all the details.