January energy price changes in Victoria: what changed and why
Wednesday 03 January 2018
As Aussies everywhere welcomed the beginning of 2018, households in Victoria had one eye on their power bill, as Victorian energy retailers began their annual January 1 price updates.
Energy prices in Australia are dependent on many factors, including the cost of buying wholesale electricity, network costs like charges for energy transmission and maintenance of power poles and lines, retail costs of billing and servicing a customer account and costs incurred by a retailer when meeting government expectations, like the Renewable Energy Target.
According to major retailer AGL, “the Victorian electricity price increase reflects a large increase in wholesale prices this year and a small reduction in some network costs,” a sentiment echoed by major competitor EnergyAustralia.
Major changes from the January 1 energy price updates
So far, the price hikes on standing offers in Victoria reach as high as 16.20% - an extra $69 on the average household quarterly bill.
On the other hand, some retailers, particularly smaller companies like Alinta and Powershop, have actually slashed their electricity tariffs by as much as 6.37%.
“It goes to show that shopping around for a great deal on your energy bill can really make a difference to what you wind up paying,” said Mozo Director Kirsty Lamont.
“You do have to be careful though - just because a retailer's tariffs have gone down, doesn't necessarily make them the cheapest option. It’s well worth the time it takes to do a quick comparison and find the best option for your home.”
Summary of the Victorian electricity price changes
To help you keep track of the changes and what it might look like for your household, we’ve provided a snapshot in the table below. The quarterly bill prices listed are based on the average 3 person household in Victoria.
Find the best energy deals for Victoria
For Victorian households feeling the pinch of rising energy bills, finding a great value plan might be top of your 2018 to do list. To help, we’ve listed some of the plans in our database with the biggest discounts up for grabs.
- Dodo Power & Gas Market Offer - 30% pay on time discount
- GloBird Energy GloSave - 35% discount off your total bill (34% pay on time discount and 1% direct debit discount)
- Powershop Online Saver - 34% discount off your total bill (18% guaranteed discount and 16% discount when you pay via the online shop)
- Momentum Energy SmilePower Flexi - $50 sign up bonus
You can also head over to the Mozo Energy Cost Cruncher to run the numbers on your home energy use and find a plan that suits you.