AGL to shield many standing offer Victorian households from electricity rate increase

AGL is pleased to reveal many of our standing offer Victorian household customers will be shielded from their electricity price increase in 2018.

We expect to announce an average standing offer increase of 9.5 per cent for electricity, significantly lower than other major retailers.

For our most loyal non-concession standing offer customers we announced a 10 per cent electricity discount.

These are households who have been with AGL two years or more on our standing offer.

Now they’re set to receive a second discount, to offset the rate increase for 12 months.

Our standing offer concession customers, who already enjoy a 15 per cent discount off electricity usage, will also have their increases offset by an additional discount for 12 months.

Melissa Reynolds, Chief Customer Officer said: “We have worked hard to minimise these price increases for customers.

“We also understand that not all customers are enjoying the benefits of competition, so we want to reward their loyalty by providing these additional discounts.

“We understand that prices are high and that more needs to be done for energy affordability. This includes ensuring customers understand pricing offers, giving customers the tools they need to understand their energy usage and helping them with energy budgeting.

“We are committed to moving away from marketing offers using discounts because customers have told us they find them confusing. We’ve been calling for industry to provide a comparator rate for customers and look forward to its speedy development.

“Our Energy Insights tool is providing customers with information to help them better manage energy in the home, and our self-service meter reads on our leading mobile app can help eliminate bill shock of estimated reads, giving customers more control of their budgets.

“In addition, AGL is investing in new supply, which is the most sustainable and effective way to put downward pressure on prices.”

The Victorian electricity price increase reflects a large increase in wholesale prices this year and a small reduction in some network costs.

AGL pricing has taken into account the full network cost reductions in order to remain highly competitive for Victorian customers.

About AGL.

AGL is committed to helping shape a sustainable energy future for Australia. We operate the country’s largest electricity generation portfolio, we’re its largest ASX-listed investor in renewable energy, and we have more than 3.6 million customer accounts. Proudly Australian, with more than 180 years of experience, we have a responsibility to provide sustainable, secure and affordable energy for our customers. Our aim is to prosper in a carbon-constrained world and build customer advocacy as our industry transforms. That’s why we have committed to exiting our coal-fired generation by 2050 and why we will continue to develop innovative solutions for our customers.