As a provider of an essential service, we make every effort to keep prices as low as possible for the householders and business owners who rely on us.
This month, the Australian Energy Regulator (AER) approved our price changes that will come into effect from 1 July this year.
In CitiPower, our prices will increase by 0.5% or $2.39 a year for a typical residential customer, while in Powercor they will increase by 5.5% or $31.14.
Network charges allow us to safely manage hundreds of thousands of poles, wires and other infrastructure that move reliable power to customers, while also connecting small and large-scale renewable generation and storage.
These changes form just one part of the final 2023-24 Victorian Default Offer price announced by the Essential Services Commission this week.
The rising cost of living pressures facing the communities we operate in was a major factor when we were considering the network price changes.
While Australia’s high inflation rate is the main driver for these price increases, we have been able to keep prices below the current inflation rate.
Having a focus on always looking for the most efficient ways of delivering our services to our customers means we have been able to keep costs as low as possible. It has also meant our costs are among the lowest in the National Electricity Market.
Electricity bills include many costs including retail costs, generation costs, environmental costs, metering costs, and network charges.
Network charges include distribution network charges (from our networks), transmission network charges and jurisdictional levies. Here in Victoria, it also includes metering costs. We pass these network charges on to retailers, who recover these costs from customers via their electricity bills.
For more about ESC’s decision visit Victorian Default Offer 2023-24: final decision | Essential Services Commission
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