EnergyAustralia to cut prices in Victoria – but could you be doing better?

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EnergyAustralia has announced a modest reduction in electricity prices in Victoria from February, citing lower wholesale and network costs.

The state’s third biggest electricity provider says the average household on a market offer variable rate plan will save about $144 a year on their bills, representing a decrease of 6.1%. However, specific price changes will vary depending on location and circumstances.

It follows news that the Victorian Default Offer (VDO) – the state’s regulated price cap for customers on standing offers – will reduce by an average of 10 per cent from January 2020, with savings of up to 14% for customers in certain areas.

Providers are now starting to reveal their own specific rate changes for market offers, with Origin Energy recently announcing an average electricity rate cut of 11%, although gas prices are to climb by 2.7%.

EnergyAustralia has also confirmed a rise in gas prices for Victoria of 3.2%, or $59 a year.

Small business customers with EnergyAustralia will see electricity prices come down by an average of eight per cent, but gas prices are going up 3.9%.

EnergyAustralia’s Chief Customer Officer Mark Collette said: “2020 has been tough for many customers, marked by the devastating bushfires and coronavirus pandemic. We’re glad we have been able to help our customers throughout.

“As we move into a new year, we’re pleased to provide much-needed relief for Victorian households and businesses with their electricity costs. In 2021 the average customer that has both electricity and gas with us on variable rate market contracts will be better off overall because of the decrease in electricity rates.”

He added: “This year we have provided households more payment plans and extensions than ever before through EnergyAssist, and we established Rapid Business Assist for small businesses. We continue to ask customers to reach out the moment it might become too difficult to pay their energy bill.

“There may still be households and businesses who need our help. We’re here to help – please make contact with us. We also encourage any customer on the Victorian Default Offer to take up one of our market offers in 2021 that could potentially save them well over $100 per year.”

EnergyAustralia Prices Victoria

Here are the EnergyAustralia plans on our database for Victoria. These are products from referral partners†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Price drops are good – but could you be doing better?

With around 400,000 residential customers in Victoria, EnergyAustralia is easily one of the state’s biggest and best-known providers, but going with the biggest doesn’t always get you the lower prices on your power bills, explained Canstar Blue Editor-in-Chief Simon Downes.

“The wholesale electricity market is going through a period of stability and this means providers are able to pass on their savings to customers. But the biggest companies are often less agile and unable to pass on the same level of savings, or as quickly, as some smaller providers,” he said.

“Energy retail competition in Victoria is intense and most providers just can’t afford to be priced out of the market, so lower prices are expected now that the regulated Victorian Default Offer is coming down. I would expect to see lots of very good deals available to Victorian households early in 2021.

“Certainly, if your provider doesn’t cut prices fairly significantly this January-February, it’s probably time to find a new one. There are lots of others happy to have you.”

Victoria Electricity Prices

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. Costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision. The next three tabs feature products exclusively from AGL, EnergyAustralia and Origin.

Here are the AGL Energy plans on our database for Victoria. These are products from a referral partner†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are the EnergyAustralia plans on our database for Victoria. These are products from a referral partner†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are the Origin Energy plans on our database for Victoria. These are products from a referral partner†. These costs are based on the Citipower energy network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Image credit: Space Images/Shutterstock.com

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