What is up with Victorian Energy Prices

Got an email today from Tango Energy that my electricity rates will be increasing by over 17 percent compared to the previous year. What is going on in victoria… I thought energy prices were dropping all across Australia ?

New Rates
Peak 20.130 c/kWh
Supply Charge 107.800 c/Day

Existing Rates
Peak 16.357 c/kWh
Supply Charge 100.100 c/Day

Comments

  • +1

    That's what they meant by lifting lockdown restrictions…

  • +2

    That seems pretty cheap to me. In WA we don't have an open market for residential or small business, just a single state owned electricity retailer. Here's my rates:

    Item Price inc. GST
    Supply charge 103.3263 cents per day
    Electricity charge 28.8229 cents per unit (kW/h)

    My meter is capable of being programmed as a smart meter so it can do peak/off-peak, but I've never done it. As far as I know there hasn't been a massive take-up of that in WA.

  • My family and friends plan with AGL 0.22264 peak and 0.77473 supply. Maybe I need to switch again.

  • -3

    koganenergy.com.au

  • +1

    Good rate actually. I'd move if I could to that. Is that before or after GST?

  • Victoria Energy Compare is your friend. Can put in your NIM and it will work out based on your real usage and give you what the better deal looks like.

    • Or even your NMI 😁

  • +1

    Origin is whacking me with:

    Usage Charge: 30.536 c/kWh
    Supply Charge: 151.25 c/Day

    Compared to everyone else in the thread im getting rammed. wtf lol

    • +1

      You're probably in a different distribution network. Depends where you are located in Vic.

    • +2

      Looks like they are charging you more than the Victorian Default Offer. (Here's a link to explain that https://www.canstarblue.com.au/electricity/victorian-default...)

      Normally if you are being charged that amount, you are on a standing offer, rather than any of their discounted plans. I had a quick look at Origin plans in my area, and I can get 14% off the VDO price (29c to 25c/kWh). You should definitely change up your plan with Origin today, or even find yourself a cheaper plan.

  • +2

    Just be glad you don't live in SA, it's like 40c here.

  • +1

    After reading what everyone else is paying I think I'll stick with Tango with new rates. It's still a significant year on year increase which I was surprised about. Wish my income grew by just as much.

    • The likely reason is that when you join they don't make changes for 12 or 24 months. Then they jack it up. Thankfully moving power providers is easy peasy and zero work for us.

  • -1

    Tango Energy are pretty new. They offer cheap initial rates. Then pray you stay with them after applying the "lazy tax".

    • Been around a while. Can't remember their previous name.

      Edit.. Found it

      On 4 November 2016 Pacific Hydro Retail changed its name to Tango Energy Pty Ltd.

      • Changed /= trading.

        That isn't "a while" in the energy retail game.

        Regardless, rest of my post is correct. Cheap initial rates. Then lazy tax time.

        • My out laws have been with them for 7 years at least and always been the cheapest for them.

          • -1

            @MS Paint: Getting the discussion back on topic, OP's post seems to disagree.

  • Wholesale energy prices in Vic have come down a lot in comparison to last year (2019 was a crazy expensive year for generators/retailers).

    I can think of two reasons why Tango have put your prices up.
    The first is your plan was so cheap already to begin with that they were losing money on you. Even now, your new rates are very cheap.
    The second depends on how well Tango have hedged their energy positions. They may have purchased a lot of expensive insurance products before wholesale prices came down. Even with cheaper electricity costs, they are stuck paying higher prices, which they then pass on to customers.

  • I'm on an embedded network in VIC Mornington Peninsula so I'm captive to the supplier. I believe they wholesale from Origin and then retail it to me. I just got notication that my rates are going up as of 7th October. When I applied the new rates to the last bill there was a 10% lift overall. My previous usage rate was $0.196 / KWh and the new rate is $0.2429. That's a lift of 24%. The supply charge has dropped from $1.12332 to $0.8774. I'm told by the notice that the VDO (Vic default offer) is $0.2927 /KWh and $0.9236 daily.

  • You don't know what high energy prices are…

    I was getting slugged 45c/kw here in Adelaide until i searched long and hard for something better.

  • Any idea what the deal with Ovo is?

    Tango jacked my rates from 19.283c/kwh to 22 and supply charge from 92.4c/day to 101.2.

    Ovo are offering 22.62c/kwh and 82.37c/day.

    Apparently their schtick is they bill you a month in advance based on their estimate and you earn 3% interest on any credit.

    Am I missing something?

    • Same situation here ( switching from Tango to OVO). I have just applied so keen to know if there is any hidden agenda lol..

      OVO only started offering Energy Plan recently in VIC so I could not find any review on them.

      Cashrewards offers up to $110 when you join OVO dont forget to apply via CR if you have decided to switch :)

      • Oh! Good tip. Time to cancel and reapply.

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