Around one in five Victorian businesses said they would pass on increased energy costs to consumers, while 40 per cent said they would absorb cost rises in their operations.
As many of our members are struggling to plan their growth into the future, the Victorian Chamber is calling for a national energy policy.
This policy should address the energy supply and pricing issues because currently businesses cannot predict the increased costs they will face and can only imagine the worst.
While it is refreshing that all sides of politics see energy policy as a bipartisan issue, they must come together now to address it.
We need a long-term national plan agreed and committed to by all governments to ensure businesses have access to secure and affordable energy supplies.
Rising gas prices are being driven by significant exports of natural gas out of Queensland that are placing pressure on the supply of gas for local markets.
Meanwhile, electricity prices are being pushed up by the lack of investment in new electricity supply, the closure of a number of large coal fired generators, including Victoria’s Hazelwood Power Station, and the high price of gas being used to generate electricity to make up the shortfall.