Co-operative energy

jelv

Just received an email from them:

We need to let you know about some changes we have had to make as a result of a Retail Market Review that has been undertaken by our regulator, Ofgem. The aim of their review has been to create a simpler, clearer and fairer market place for energy customers.

To meet the new requirements following this review, all energy suppliers have had to evaluate the incentives offered to their customers. After 31 December 2013, energy suppliers will no longer be able to offer certain types of discount to their customers.How does this affect you?Currently we offer the following incentives because you are a member of Co-operative Group

• One membership point for every £1 you spent with us
• Share of the profits distributed each year

The regulator has instructed us to cease operating this scheme as of 31 December 2013. This is because you, as a member of Co-operative Group, do not have a direct democratic link to Midcounties Co-operative.

It has been agreed that we can honour points earned up to this date and the appropriate share of profits will be paid to you in the next payment Co-operative Group makes to you.

We appreciate this change will be disappointing news for you, and it was not one that went unchallenged. However, it is a change we have had to make to ensure we meet all our regulatory requirements.

Does this mean other suppliers will no longer be allowed to give Nectar points?

patman99

Should do. However, I suspect that Sainsburys & Tesco will still pay the points out in defiance of the Ofgen ruling.

I have started a 38Degrees petition calling for Co-Operatives to be made exempt.

When you thing about it, the way the Co-Op pays out, they should be exempt from the rules anyway. They only pay out to their shareholders.
When you think about it, BG, EDF, Eon etc. pay their shareholders a dividend each year, so will they now be stopped from doing this ?.

kingstreet

I'm a member of Mid-Counties Co-oP.

Is that the way round this issue, as I have not had this email?

I'm a Co-oP energy customer too.

jelv

patman99 wrote: »

I have started a 38Degrees petition calling for Co-Operatives to be made exempt.

Signed! Thanks for starting that.

ValHaller

patman99 wrote: »

Should do. However, I suspect that Sainsburys & Tesco will still pay the points out in defiance of the Ofgen ruling.

I have started a 38Degrees petition calling for Co-Operatives to be made exempt.

When you thing about it, the way the Co-Op pays out, they should be exempt from the rules anyway. They only pay out to their shareholders.
When you think about it, BG, EDF, Eon etc. pay their shareholders a dividend each year, so will they now be stopped from doing this ?.

It would be slightly more credible if it were addressed to Ofgem

Nada666

ValHaller wrote: »

It would be slightly more credible if it were addressed to Ofgem

Why would they bother with the name of their opponent when they don't even correctly spell the name of the organisation they're on the side of?

MillicentBystander

Yes, proof reader urgently required .

roddydogs

Right, so in order to be "Fair" we miss out on a few quid back every year, this will result in MORE profit for the energy companies, surely/

Bluebirdman_of_Alcathays

roddydogs wrote: »

Right, so in order to be "Fair" we miss out on a few quid back every year, this will result in MORE profit for the energy companies, surely/

If the few quid was that important you wouldn't be with coop energy in the first place. :beer:

roddydogs

Bluebirdman_of_Alcathays wrote: »

If the few quid was that important you wouldn't be with coop energy in the first place. :beer:

Why, who do you suggest? Dont say "Spark energy" the only one that comes out cheaper with all their negative feedback.

Mr_Crunch

kingstreet wrote: »

I'm a member of Mid-Counties Co-oP.
Is that the way round this issue, as I have not had this email?
I'm a Co-oP energy customer too.

Yes that is a way around it.

However, the email only refers to (a) points per £ spent and (b) annual share of profits.

I queried whether it also means that they are ceasing to give points for meter readings, which are neither of those. And the answer was:

"This communication was to advise that you would no longer be able to accrue points for meter readings and payments unless you become a member of Mid-CountiesCo-operative, specifically."

So the meter reading incentive too is only for Mid-Counties members. But quite how one works that out from the original email is beyond me.

The other rather scurrilous thing is that they sent out the email only late morning on Christmas Eve giving only 6 days notice of a change. But because they are changing the terms there now seems to be an opportunity to exit from them without paying the £30 x 2 = £60 penalty (on a fixed term tariff). The rather badly-written email also seemed to indicate that there were 20 days (i.e. until Sunday 12 Jan which is just 12 working days incl. 24 Dec) to do this.

I'll have a look at changing but really all these energy suppliers, including the ones which claim to be "ethical" are a complete load of *****.