Victoria Electricity - Infratil Email Update
21 October 2008
Victoria Electricity had 370,000 customers at the end of September, a 30% net gain since the commencement of the financial year. Most of this gain came from growth in Queensland. However, the growth also includes a 12% gain in Victorian customers since the commencement of the financial year, and Victoria accounted for a little over one third of overall growth. Growth continues to be focused in Victoria, albeit at a slower rate than in earlier periods. The Victorian Government will remove price caps for residential customers on 1 January 2009 – the first time in Australia and a positive sign for future retail competition.
Victoria Electricity has also begun offering telco products to existing customers in Victoria as a value add to their energy accounts. As previously advised, growth has ceased in Queensland pending a better commercial environment. This could eventuate from success of incumbent retailers to overturn previous retail price reset decisions, a more favourable price reset approach in 2009 (which has already commenced), a favourable move in wholesale prices or a combination of those factors. Of most note in wholesale hedging, the market is becoming more comfortable on the range of possible prices for carbon pricing and 2011 futures contracts with firm prices and no carbon price adjustments have begun to trade.
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