Victoria’s energy price updates, January 2019

Tom Watson

Friday 04 January 2019

As Sydney swelters its way into the new year, Victoria's energy companies have announced their annual price updates - but households will be glad to hear that most prices aren’t rising quite as quickly as the mercury this year.

Energy price update jan 2019 victoria original

While any news surrounding the price of power bills has generally been unwelcome following a number of recent cost increases, this years January 1 changes may be better received given that a number of Victorian energy retailers either maintained or dropped their prices.    

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For Victorian households that is a marked improvement on 2018 when Mozo reported that 12 of 16 energy retailers hiked their prices in January - some by as much as 20%. However, Victoria’s steady prices this year are in line with the price updates for South Australia, New South Wales and Queensland last July, which saw most energy providers hold or lower prices.    

Highlights from the January 1 changes

The trend among the big three power companies was to keep prices steady this year, with both EnergyAustralia and Origin Energy continuing to offer the same rates as last year.

AGL was the only member of the big three retailers to reduce electricity prices with a 1.6% cut. According to AGL, the reduction is estimated to translate into an average saving of $23 a year for households and $60 a year for small businesses.     

“We’ve listened to the concerns of our customers, businesses, governments and regulators and are taking action to bring prices down, despite many input costs going up,” said AGL’s CEO, Brett Redman, in a statement in November.

“Clearly, there’s more work that needs to be done and we will continue our efforts to improve energy affordability and help vulnerable customers.”

January 1 Victorian price changes summary

Keep in mind, these calculations are based on the average 3 person household in Victoria, and they only represent the standing offers. To get an energy quote specific to your household and energy use, head over to our energy comparison tool.

Is it time to pick a better deal for your energy plan? Head over to our energy comparison tool to get quotes for some red hot offers in your area.

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