This report provides information on the energy market to promote effective competition and achieve the best outcomes for Victorian energy consumers
Victorian Energy Market Report
Overview
The Victorian Energy Market Report aims to build consumer understanding of how the market operates.
Victorian Energy Market Report – September 2023
Key messages and findings
Victorian consumers missing out on potential savings
Our analysis shows that Victorians could save on energy bills by switching to their retailer’s best offer. Consumers should look for the box on their bill that says, ‘could you save money on another plan?’.
Our key findings include:
- Twenty-eight per cent of Victorian residential households could have saved $100 or more last year by moving to their retailer’s best offer.
- Around six per cent could have saved between $250 and $400 per year. While another six per cent could have saved over $400 per year.
- Victorian households could have saved an estimated $191 million on electricity bills and $89 million on gas bills last financial year if they had been on their retailer’s best offer.
Economic analysis of prices in the Victorian retail energy markets
The median residential electricity offer price increased 23 per cent between June 2023 and August 2023 after staying mostly flat over 2022–23.
While energy prices have increased, consumers can still find competitive offers in the market. For both electricity and gas, there are significant differences between the highest and lowest priced offers.
Promoting protections for consumers
At the end of June 2023, 66,224 residential electricity customers and 55,348 residential gas customers accessed tailored assistance. This is the highest number in any financial year since Victoria’s energy payment difficulty framework came into effect in 2019.
The report tracks energy retailer activity and consumer trends for April to June 2023, including articles covering:
Victorian consumers missing out on potential savings
- provides insights into potential bill savings for consumers.
Economic analysis of prices in the Victorian retail energy markets
- provides an update on prices and competition in Victorian electricity and gas markets.
Energy in Victoria (EiV)
- Broader compliance and enforcement activity – a summary of our compliance and enforcement actions in this period
- More customers experiencing payment difficulty – analysis of data and trends relating to customers who are experiencing payment difficulty
- Disconnections for non-payment - an update of data relating to customers who are disconnected for non-payment
- Market entry and exit – an update on licences granted, the regulatory sandboxing framework and electricity licence exemptions activity
- Reports and reviews – an overview of our most recent and upcoming publications
We have also released our latest interactive Victorian Energy Market Dashboard, which provides an overview of key trends in the energy market.
Victorian Energy Market Dashboard
With the Victorian Energy Market Report, we also publish the Victorian Energy Market Dashboard. The dashboard brings the data we previously published as Microsoft Excel tables into a more usable and interactive format.
The dashboard offers graphical representations that provide a quick overview of the essential trends in the energy market. It includes summaries of customer statistics, such as the number of customers and the types of contracts they are on. Additionally, it provides information on customers receiving assistance for bill payments, government concessions, and Utility Relief Grants. The dashboard also presents customer service performance metrics, including call waiting times, abandoned calls, and customer complaints. Furthermore, it covers disconnections for non-payment.
The Victorian Energy Market Dashboard enhances accessibility and facilitates a comprehensive understanding of key insights within the energy market.
Previous reports
Victorian energy market report and updates in 2022-23
Data previously published as Microsoft Excel tables with our annual Victorian Energy Market Report is now available in a more usable and interactive format in our Victorian energy market dashboard.
Victorian energy market report and updates in 2021-22
Victorian energy market report and updates in 2020-21
Victorian energy market report and updates in 2019-20
30 November 2020
Note: The table names in this excel reference the figure numbers used throughout the report and the rest are supplementary tables. This uses the most up to date information from retailers and may differ from previous reports
(xlsx, 285.98 KB)
Victorian energy market report and updates in 2018-19
Victorian energy market report and updates in 2017-18
26 February 2019
This report provides a full summary of the Victorian energy market in 2017-18.
(PDF, 7.16 MB)
29 November 2018
This snapshot report provides a short summary of the Victorian energy market in 2017-18. This report has since been superseded by the Victorian Energy Market Report 2017-18.
(pdf, 737.14 KB)
21 December 2017
This update provides information on standard contract prices of Victorian gas retailers for 2017 – 18. This includes updated prices published by retailers on 8 and 15 December 2017.
(pdf, 287.46 KB)
Victorian Energy Market Report 2016-17
Victorian Energy Market Report 2015-16
Victorian Energy Market Report Updates: 2016-2017
Energy retail performance reports
These reports pre-date the Victorian Energy Market Report.