Families and small businesses in Kooyong will benefit from big savings under the Morrison Government’s new plan for affordable and reliable energy. The Morrison Government will:
- Stop the price gouging by the big energy companies by banning sneaky late payment penalties, requiring them to pass on savings in wholesale prices to customers, strengthening the regulator’s power to crack down on dodgy, anti-competitive practices, and shining a spotlight on energy companies’ rorting through ‘gold plating’ their networks. We will take a big stick to the big energy companies to stop the big rip offs.
- Create a price safety net to protect customers and remove the loyalty tax on those who have stayed with their energy company or don’t have time to shop around for a better deal. A fairer default price will give customers transparency and clarity, providing relief from confusing and often more expensive standing offers. Median standing offers in Victoria can be up to $652 per year more expensive than the cheapest market offer for households and up to $2941 per year more for small businesses.
- Back investment in reliable generation which will improve competition, lower prices and guarantee reliable supply. We know that renewables are only cheap when the sun is shining and the wind is blowing. The Government will support projects that reduce wholesale electricity prices, support the reliability of the grid and increase competition.
- Support reliable power by requiring energy companies to sign contracts guaranteeing enough energy to meet demand. This will prevent blackouts and stop their disastrous impact on local economies.
Our plan will take the pressure off families and small businesses and put customers back in charge by cracking down on dodgy practices, supporting investment in new generation and guaranteeing reliable supply.