Speaking on Wednesday, Premier Daniel Andrews said the establishment of the government-owned State Electricity Commission and a $1 billion investment in renewable energy would drive down prices.

“We’ve laid out a plan for more energy and less profit, and that means lower prices. How much lower? I’m not nominating a number … but everyone knows if something is abundant it will cost less,” Mr Andrews said.

But it was revealed in the federal budget that electricity bills are expected to soar by 50 per cent in the next year. In an interview with Neil Mitchell after the budget was handed down, Federal Treasurer Jim Chalmers conceded price-fixing was on the table.

Chief executive of the Energy Users Association of Australia, Andrew Richards, says he “can’t see” the Andrews government’s electricity moves having “any effect on power bills for five to ten years”.

“The transition to net zero right across the country we’re thinking there’s a couple of hundred billion dollars that need to be spent in the next 15 years. You don’t spend that amount of money and expect prices to come down,” he said.

Press PLAY below to hear what the Energy Users Association of Australia expects will happen to power prices