Premier

New Energy Regulations To Give Families Certainty

01 May 2015

The Andrews Labor Government will protect family and household budgets through banning early exit fees for fixed-term electricity and gas plans where the retailer increases the price.

Until now, customers under fixed-term energy plans had no guarantee the price they signed up for would remain for the plan’s duration.

Under the new regulations, if power and gas retailers increase their prices for customers on fixed-term arrangements, households can leave that arrangement without suffering early exit fees.

The Labor Government's policy is stronger than the rule made by the Australian Energy Market Commission for the ACT, NSW, SA and Tasmania. From today, retailers in these jurisdictions will be required to provide greater information on price variation in fixed-term plans.

Ms D’Ambrosio said the Labor Government's policy gives families and households certainty around energy prices and makes it easier to compare deals.

It will also improve transparency and pricing standards in the energy sector.

The Victorian Essential Services Commission will incorporate this new regulation into Victoria’s energy retail regulatory framework.

Quotes attributable to Minister for Energy and Resources, Lily D’Ambrosio

“With the cost of living rising, we are giving Victorian families certainty in energy prices and their household budgets.”

“We’re putting the interests of families and households front and centre in power and gas policies.”

“By making fixed-term energy plans certain – competition is strengthened and households can make confident choices between competitive deals.”

Reviewed 19 August 2020

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