From 2 January 2018, you might find your energy bills are higher than normal. Some energy retailers have already announced that they will be raising the cost of energy for Victorian customers in 2018. It is estimated that energy prices will go up between ten and twenty percent for Victorian households. This applies to both gas and electricity.
How this will affect you
The increases are expected to affect all customers on market offers. Market offers are set by energy retailers and can change at any time after an account is opened. It is important to be aware that retailers do not have to tell customers on market offers about price changes before the change occurs, however, they must inform you no later than when your next bill is issued.
It is expected that some customers on standing offers might not feel the same impact from price increases, at least in the beginning. Standard retail offers are often higher than market offers, but the price can’t change more than once in a six month period. If you’re on a standard retail offer, it is still important to be prepared. Even if the cost of your energy doesn’t increase immediately, it might in the future.
What to do next
Call your company
Call your company and find out exactly how price increases will affect your energy bills. Ask if there is a better plan available based on your usage. Even with the price increases, there might be a more suitable plan available to you.
Check your concessions
If you’re eligible for a concession card, you might also be eligible for discounts on your energy bills. EWOV’s concessions and grants fact sheet has more information on what discounts are available to concession card holders.
It’s important to shop around. It could be that an alternative retailer might have a cheaper offer available to you based on where you live and your energy consumption. Use compare.switchon.vic.gov.au to compare offers.