Victorians will get to pay for the Black Saturday bushfires through their electricity bills thanks to a decision by the Australian Energy Regulator.

SP-AusNet, manager of three energy networks in the state, is off the hook. Its share price is up today in the wake of the AER's decision to allow it to ratchet up its prices beyond the regulated rate.

Readers would require a PhD in electrical engineering and a Masters degree in energy policy to make heads or tails of SP-AusNet's statement to the ASX.

In essence, though, it says the AER has made a draft ruling which says if the company's insurance is insufficient to pay it can raise prices.

SP-AusNet is the Singapore-owned provider of Victoria's electricity transmission networks. The Victorian government is suing it for supply-line failures in its network on Black Saturday. SP-Ausnet has said it will defend the claim vigorously.