Victoria's Essential Services Commission has proposed a 3% reduction in default electricity prices for residential customers, equating to approximately $46 annually, with small businesses set to save 5% or $172 per year. This marks the first potential decrease in default power prices in several years, driven by reduced environmental subsidy costs rather than increased renewable energy supply. The proposed changes are not yet locked in and won't be finalised for another two months, with experts noting consumers can save up to $300 annually by comparing electricity plans on comparison websites.

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