Victorian small business customers could enjoy big savings – potentially $24 million across the market – simply by switching from default contracts.
The latest Victorian Energy Market Report, which reviews data from January to March 2020 and is published by The Essential Services Commission, has revealed that 10,000 small business gas customers have remained on their retailers’ default option and are consequently paying the highest rate on the market.
The state energy regulator found that by taking action and switching to lower market offers, Victorian small business customers could pocket savings in the ballpark of $2,400 per annum.
“Small businesses could be experiencing bill stress during this challenging period and these potential savings could provide some welcome relief,” said Commission Chief Executive, Dr John Hamill.
Many small business customers are feeling the impact of COVID-19 and are already seeking payment assistance from their retailer, therefore the Victorian Energy Market Report findings are a timely reminder that it pays to make the effort to review energy options.
As well as identifying saving opportunities, the report also flagged some positive updates, with disconnection levels continuing to drop.
“Disconnections are down 11 percent compared to 2018/19 and down 33 percent compared to 2017/18,” revealed Dr Hamill.
Additionally, during the reporting period, the Commission issued penalty notices to two energy retailers, which resulted in payments to customers totalling $333,995 for wrongful disconnection.
VACC members are encouraged to contact their energy retailer and identify the best options available.
For more information
The Essential Services Commission: Victorian Energy Market Report
The Essential Services Commission (key findings): Victorian Energy Market Report