Assessing the energy retail market's competitiveness and efficiency
We have been asked by the Victorian Government to monitor and report on the competitiveness and efficiency of the Victorian energy retail market, as part of recommendations made by the independent bipartisan review of electricity and gas retail markets in 2018.
Since then, we have engaged with interested stakeholders and the public to develop a framework and approach to help assess whether the Victorian energy retail market is delivering good value to energy consumers.
We held a public forum on 7 November 2019 to hear from a broad range of experts including economists, energy experts, consumer advocates, industry, regulators, commentators and policy makers about their perspectives on this topic. See the resources tab for presentation materials from the forum.
It will help ensure that the Victorian energy retail market delivers benefits to consumers by providing value for money energy prices and great customer service.
The Victorian energy market report 2020–21 provides our first report under this framework. In this report, we provide a detailed article on a ‘striking consumer preference’ for large energy retailers, including detailed economic analysis and research on how the market is functioning.
Customer experiences in 2020
In 2020, we conducted surveys with Victorian customers to understand their experience of the energy retail market during the coronavirus pandemic.
We also undertook user engagement research to explore customer experience of comparing and changing energy offers, and the level of customer confidence and trust in the various comparison platforms.
Key facts about our framework and approach
We looked for competition in the market that delivered positive long-term outcomes for Victorian consumers
Previous reviews have found that despite the number of energy companies operating in Victoria, the energy retail market is not highly competitive or efficient.
We began monitoring the market in 2020
Our first report was released in November 2021.