The Essential Services Commission's Annual Report 2023-24 outlines its efforts to regulate and improve essential services in Victoria, with a particular emphasis on the energy sector. The report highlights their progress in compliance enforcement, energy pricing, efficiency programs, and strategic planning.

Energy Sector Compliance and Consumer Protections
The Commission took decisive action to ensure compliance in the energy sector, initiating four court proceedings against energy businesses for failing to meet regulatory obligations, particularly regarding vulnerable customers and those reliant on life-support equipment. These actions reaffirm the Commission’s commitment to consumer protection.

To enhance affordability, the Victorian Default Offer (VDO) was reduced by 6% for residential customers and 7% for small businesses starting in July 2024, reflecting lower wholesale electricity costs. Meanwhile, the Victorian Energy Upgrades (VEU) program delivered over 923,000 energy efficiency upgrades, benefiting more than 575,000 households and businesses. To protect consumers, bans on cold-call telemarketing and doorknocking were introduced alongside updated fee structures to ensure the program’s sustainability.

Leadership, Challenges, and Strategic Focus
Gerard Brody's appointment as chairperson marked a key leadership change, with the Commission focusing on building trust and enhancing stakeholder engagement. Financially, a $1.3 million net deficit—largely due to shortfalls in VEU program revenue—highlighted the need for sustainable funding. However, $2.75 million in enforcement penalties strengthened resources for future compliance initiatives.

Looking ahead, the Commission aims to:

  • Strengthen consumer protections, especially for vulnerable groups.
  • Support Victoria's transition to net-zero emissions through renewable energy and efficiency initiatives.
  • Modernize regulatory frameworks with a data-driven approach.
  • Enhance stakeholder collaboration to foster balanced regulations.
  • Develop sustainable funding models for programs like the VEU.

The Commission remains committed to addressing cost-of-living pressures, promoting energy efficiency, and ensuring fair, accessible energy services for all Victorians.