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There’s a lot that goes on behind the scenes in the world of electricity. To ensure your lights turn on every day, retailers, like us, must pay underlying costs that make powering your home possible.
Every year those in the energy supply chain review these costs and decide what to charge all energy retailers.
Once a year, usually in July for Victorian customers, we update our prices to reflect these changes in external costs.
While we hope this means we can reduce your prices, sometimes market conditions will result in an increase. The impact to you is also dependent on your energy usage, distribution network region, among other factors.
The Victorian Default Offer (VDO) governs retail energy pricing in the state. For FY22/23 the VDO has increased by an average of around 5% for both residents and small business.
These are the main underlying costs that make up energy prices and can cause power prices to change: