Nearly half of the businesses surveyed said the current instability was affecting operations, with many forecasting changes in business investments amid growing uncertainty about costs and supply.
“This survey shows the impact the energy crisis is having on Victorian businesses; in particular, their levels of confidence and investment as they deal with rising costs and growing uncertainty around supply,” Victorian Chamber of Commerce and Industry chief executive Paul Guerra said.
“It also tells us that we need to explore all options to alleviate pressure on businesses in the short term while looking at longer-term solutions that will provide certainty and benefits for businesses, the economy and wider community.”
The chamber surveyed members from a wide range of businesses across all sectors, indicating widespread challenges not just for heavy industries.
The survey found 47 per cent of companies said the current instability in the energy market was impacting business.
The majority of businesses (55 per cent) use both electricity and gas, and 42 per cent use electricity only as an energy resource.
Electricity impacted most businesses, with 96 per cent expressing concern about the rising cost, while 76 per cent felt the same about the increase in the price of gas.
More than half of surveyed businesses were forecasting changes in business investments over the next two months because of the current instability and three quarters said the price fluctuations were impacting the ability to forecast costs.
Six out of 10 businesses indicated they were willing to invest in renewable energies or switch from gas to electricity with government financial support.
Mr Guerra said the chamber was working closely with the Victorian Government to provide support to businesses by addressing energy costs, helping better educate industry about the energy market and seeking clearer guidelines on the transition to renewables.
“Business needs commitment around certainty of supply and certainty of price in the short term, and then we need to seize the opportunity in sectors like renewables, waste recovery, carbon technologies and transport that will in turn create new jobs, lower emissions and reduce costs for business and consumers,” he said.
“Doing this will help make Victoria the best place to live, work and operate a business.”
