The Essential Services Commission (ESC) delivered a reduction in the Victorian Default Offer (VDO) electricity price, providing cost relief for more than 500,000 Victorian small businesses and households from 1 July.

Australian Chamber Chief Executive Officer Andrew McKellar said the price drop comes after a prolonged period of highly volatile energy costs for business and consumers, with prices increasing between 15-27 per cent over the last three years.

Hopefully, small businesses will continue to see price reductions reflected in forward contracts for electricity over the next few years.

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