Vic power bills to go down

Victorian power bills will go down as much as $75 over the next five years after the regulator cut what energy companies can charge.

The Australian Energy Regulator's preliminary decisions are effective from January 1 and are expected to lead to savings of between $27 and $75 on the average Victorian household's annual electricity bill over the next five years.

In addition to reductions in network charges, the regulator will reduce annual metering charges between 15 and 40 per cent in 2016.