In response to recommendations made by the independent bipartisan review of electricity and gas retail markets in 2018, we are developing a framework for assessing the competitiveness and efficiency of the Victorian energy retail market.
Assessing the energy retail market's competitiveness and efficiency 2019
Public forum7 November 2019
Final frameworkDecember 2019
Framework implementationFrom 2020
We have been asked by the Victorian Government to monitor and report on the competitiveness and efficiency of the Victorian energy retail market.
This project was initiated following the Victorian Government’s interim response to the recommendations made by the independent bipartisan review of electricity and gas retail markets in 2018.
What are we doing?
From October to December 2019 we will be developing a monitoring and reporting framework that will help us assess whether the Victorian energy retail market is delivering good value to energy consumers
The final framework will set out the scope and a broad approach for reviewing the competitiveness and efficiency of the Victorian energy retail market in Victoria. We will be focusing on key measurable outcomes, not a detailed list of indicators.
The framework will be flexible so that as we gain new insights from monitoring the energy market, different ways to assess and respond can be developed and implemented.
How does this affect you?
The framework we develop will help ensure that the Victorian energy retail market delivers benefits to consumers by providing value for money energy prices and great customer service.
How are we consulting on this?
We are interested in hearing from a range of people including economists, energy experts, other regulators and the wider community.
We will be hosting a public forum on 7 November to hear from a broad range of experts including economists, energy experts, consumer advocates, industry, regulators, commentators and policy makers about their perspectives on this topic.
We will also consult through Engage Victoria and develop a draft framework in November 2019.
Stakeholder feedback will help to shape the final framework. This will be finalised in December 2019 and will be implemented from 2020.
Related work in response to the retail market review
Public forum - 7 November 2019
Agenda and background information
Papers prepared by our invited economists
Each economist prepared a paper on their views, which was be presented at the forum. We asked each economist to answer questions about
how they would undertake the task of assessing the competitiveness and efficiency of the Victorian energy retail market.
We asked each economist:
'Given the changes to the market that have resulted from the implementation of the recommendations from the Independent Review:
- What would you expect to observe if the Victorian energy market was operating competitively in terms of outcomes for household and business consumers?
- What is your view on the Victorian market’s performance and how does this compare to other markets?
- What sort of innovation would we hope to encourage in a competitive market?
- What measures would you use to undertake your assessment?'
These papers are the views of the authors and do not reflect the views of the commission.