AGL today announced it will cut electricity and gas prices in Victoria, delivering savings for families and businesses.

Electricity prices will come down by 1.6% on 1 January 2019. The average saving for households is estimated to be $23 a year, with the average saving for small businesses estimated to be $60 a year*.

Gas prices will come down by 0.9% for residential customers and 1.2% for small businesses. This will result in an average saving of $11 for household gas customers and $56 for small business gas customers^*.

AGL Interim CEO Brett Redman said the modest cuts will provide some relief for customers, but that work on affordability needed to continue.

“We’ve listened to the concerns of our customers, businesses, governments and regulators and are taking action to bring prices down, despite many input costs going up,” Mr Redman said.

“Clearly, there’s more work that needs to be done and we will continue our efforts to improve energy affordability and help vulnerable customers.”

This comes two weeks after AGL introduced a new safety net protection that provides automatic discounts of up to 10% for electricity customers who have been on standing offers for more than a year.

The move follows cuts to AGL electricity prices in SA, Queensland and NSW in July.

AGL’s program to assist with energy affordability includes a $75 million investment for customers this year.

This includes $50 million of debt relief for hardship customers, a $6 million Energy Literacy fund to support vulnerable customers and a $2 million program to provide dedicated assistance for small businesses.

AGL also funds community groups to provide national financial counselling programs and developed the Fairer Way package in 2017 to ensure hardship customers don’t pay late fees, over the counter or paper bill fees.

^* This calculation is based on last year’s total usage in the customer segment and assumes no change in consumption profiles, time of use or customer numbers. The decrease experienced by each individual customer may be substantially different depending on their usage, the area they live in, the customer’s energy plan and their energy tariff.

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 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.