Energy policy fails state
THE deregulation of Victoria’s energy retail market has failed consumers, who are stuck paying hundreds of dollars more than needed, a new report has found.
The review of the state’s gas and electricity markets says increased competition and deregulation has led to fundamental market failure, and recommends an overhaul to make it fairer and easier for customers to navigate.
“This market is fundamentally failing and needs real intervention and consumers need to be protected,” review co- author and former deputy premier John Thwaites said yesterday.
He said Victorians were, on average, paying 21 per cent more for electricity per year compared with the cheapest offer on the market.