News

EnergyAustralia announces energy price changes for residential and small business customers

Updated

EnergyAustralia advises that electricity and gas prices for residential and small businesses customers on the Default Market Offer (DMO), the Victorian Default Offer (VDO), Standing Offer Tariffs (SOT) ad variable market contracts will change from 1 July 2024 following adjustments by the Australian Energy Regulator and the Essential Services Commission of Victoria respectively.  

EnergyAustralia Chief Customer Officer, Mark Brownfield, said: “The Australian Energy Regulator has determined that the DMO will fall in all states except Queensland where prices will rise.  The Essential Services Commission of Victoria has determined the VDO will fall.  The key drivers of these price changes are the movements in wholesale costs relative to last year. 

“For our gas customers, there will be increases as a result of increased gas network and transportation costs, together with higher gas commodity costs.   

“Our intention is to always keep prices as affordable as possible. And against the backdrop of a challenging energy transition, we are continually looking for new, innovative solutions for our customers.” 

Key changes include: 

  • DMO and VDO electricity prices for residential customers will decrease on average in New South Wales (-0.9%), Victoria (-5.7%), and South Australia (-1.3%) on 1 July and will increase in Southeast Queensland (3.7%) on 1 August.  

  • SOT electricity prices for residential customers in the Australian Capital Territory will see price increases on average of 6.2% on 1 August.  

  • Variable market electricity prices for residential customers will decrease on average, in Victoria (-2.1%) and increase on average in ACT (+6.2%) on 1 August. On 1 September New South Wales (-0.5%) and South Australia (0%), Southeast Queensland (0%)  

In addition, Standing Offer Tariff (SOT) and Variable Market Contract gas prices for residential and small business customers will be increasing due to a rise in gas network and transportation costs, commodity prices and retail costs.  
 

  • Standing Offer Tariffs and Variable Market Contracts for residential will increase on average in New South Wales (5%), Victoria (2.9%) and South Australia (4.4%) from 1 July and in the Australian Capital Territory (3.1%) from 1 August. 

“We encourage any customers experiencing difficulty paying their energy bill to please contact us as early as possible. 

“This year we are providing over $30 million in support to our customers experiencing financial hardship, through our EnergyAssist program.  

“This support covers payment plans, staying-connected guarantees, debt relief and, for small businesses, cashflow assistance is available. Through EnergyAssist, we also work with customers to ensure they are on the most affordable plan for their circumstances and provide over the phone energy efficiency advice.”  

Key DMO/VDO Electricity Price Changes 

DMO and VDO electricity price changes effective 1 July 2024 (Southeast Queensland effective 1 August) and ACT SOT electricity price changes effective 1 August 

Residential 

  • New South Wales: -0.9% or around -$18 per year on average.  

  • Victoria: -5.7% or around -$94 per year on average.   

  • South Australia: -1.3% or around -$31 per year on average.   

  • Southeast Queensland: +3.7% or around +$79 per year on average. 

  • ACT: +6.2% or around +$121 per year on average.  

Small-to-Medium Size Business 

  • New South Wales: -5.4% or around -$201 per year on average.   

  • Victoria: -7.3% or around -$200 per year on average.   

  • South Australia: -8.0% or around -$403 per year on average.   

  • Southeast Queensland:  +1.6% or around +$75 per year on average. 

  • ACT: +2.6% or around +$164 per year on average. 

Key SOT and Variable Gas Price Changes 

SOT gas price changes effective from 1 July 2024 (1 August for ACT), and Variable Market Contract gas price changes to come into effect 1 August 2024 for ACT and VIC (New South Wales and South Australia from 1 September)  

Residential   

  • New South Wales: +5.0% or around $55 per year on average.  

  • VIC: +2.9% or around $56 per year on average.  

  • South Australia: +4.4% or around $54 per year on average.  

  • ACT: +3.1% or around $47 per year on average.   

Small-to-Medium Size Business  

  • New South Wales: +4.2% or around $510 per year on average.  

  • VIC: +2.2% or around $257 per year on average.  

  • South Australia: +3.4% or around $678 per year on average.  

  • ACT: +2.4% or around $785 per year on average.   

Note: Average Dollar estimations include GST 

Key Variable Contract Electricity Price Changes 

Variable Market Contract electricity price changes effective 1 August 2024 for ACT and VIC (New South Wales, Southeast Queensland and South Australia from 1 September) 

Residential 

  • New South Wales: -0.5% or around -$13 per year on average 

  • Victoria: -2.1% or around -$45 per year on average 

  • South Australia: no change or 0% or $0 per year* 

  • Southeast QLD: no change or 0% or $0 per year# 

  • ACT: +6.2% or around +$121 per year on average 

Small-to-Medium Size Business 

  • New South Wales: -3.1% or around -$234 per year on average 

  • Victoria: -3.1%% or around -$170 per year on average  

  • South Australia: no change or 0% or $0 per year  

  • Southeast QLD:  -6.2% or around -$523 per year on average      

  • ACT: +3.0% or around +$270 per year on average 

Note: Average Dollar estimations include GST 

* Approx 21 Family and Friends customers will get a 0.9% increase or $20/yr increase on average 

* Approx 12 Family and Friends customers will get a 3.1% increase or $73/yr increase on average 

For media inquiries, contact: Jacinta Smith. E: Jacinta.smith@energyaustralia.com.au