Victorian Energy Market Report, Sep 2024

The Victorian Energy Market Report for September 2024 highlights the importance of the Victorian Default Offer and consumer protections in the face of increasing cost-of-living pressures. It shows that gas and electricity market offers for residential and small business customers were higher in 2023-24 compared to the previous year, with smaller retailers continuing to offer the cheapest prices to residential customers. Small businesses faced the highest increases in market offers. The report also indicates that energy retailers price most of their offers below the Victorian Default Offer, with potential savings for households by switching to the median market offer. Compliance and enforcement priorities are outlined to promote transparency and competition in the market, with recent enforcement actions taken against retailers for failing to comply with best offer obligations. The report bids farewell to Commissioner Sitesh Bhojani and welcomes two new commissioners, Jess Young and Chairperson Gerard Brody, to continue the commission's work in improving the experience for Victorian energy consumers.