That’s the sentiment according to a new Victorian Chamber of Commerce and Industry study, which shows Victorian businesses are struggling to deal with the national energy crisis.

Concerns are growing about rising prices and supply pressures, with nearly half of the businesses surveyed saying the current instability is affecting their operations and many forecasting changes in business investments amid the uncertainty.

The Chamber surveyed members from a wide range of businesses across all sectors, indicating widespread challenges, not just for heavy industries.

In the short term, business indicated that government support for addressing costs of energy, better education of the energy market and clear guidelines of the transition to renewables are the most urgent issues for business.

Findings included:

Energy use and complexity

Most businesses (55 per cent) use both electricity and gas, while 42 per cent use electricity only as an energy resource.

Only 4.79 per cent of respondents indicated a strong understanding of the energy market in Australia, with 40.41 per cent indicating a moderate understanding and 36.3 per cent a low level of understanding, demonstrating the complexity of the energy market.

Significantly, 25.8 per cent of respondents are not aware of the energy contract their business is currently on.

Business sentiment

Cost was a major concern in the survey. About 96 per cent of respondents are concerned about the rising cost of electricity and 76 per cent concerned about the increase in the price of gas.

Direct consequences were highlighted with 47 per cent saying the current instability in the energy market is impacting their business.

Fifty-one per cent were forecasting changes in business investments over the next two months because of the current instability, while 79 per cent are uncertain about forecasting costs and investments for their business over the 12 months.

Security and sustainability

Seventy-two per cent indicated that energy security and energy affordability are equally important to their business.

Meanwhile, 58 per cent would be more willing to invest in renewable energies or switch from gas to electricity with government financial support, indicating that an education piece is still needed to promote the benefits and cost reduction opportunities for businesses to transition.

The Victorian Chamber is working closely with the State Government to provide support to businesses by addressing energy costs, helping better educate industry of the energy market and seeking clearer guidelines of the transition to renewables.

Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra said: “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.

“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.

“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. Doing this will help make Victoria the best place to live, work and operate a business.”