Co-Op Energy - bonus points - How obtained and what value ?

Gratis

Forgive me but could some kind soul who’s been with Co-Op Energy be charitable enough to explain to me how you obtain the bonus points, what they’re worth and how you get the money credited back to your Co-Op Energy fuel account?

I understand that you receive 50 points a month for submitting dual-fuel readings and a point for every £ you pay for fuel – so, with regular readings and an annual consumption of £2,400, it would come to about 3,000 units a year for us – but how do you set this thing up and how much money do you get back?

I’d be really grateful if somebody could cast light on this for me.

Bettie

i emailed them with my co-op membership card and they linked the two. When you first go with the co-op energy it asks if you have a membership card, I said yes and gave the number but it didn't get connected due to going through a third party ( tcb?)
Anyhow it wasn't credited to my account for a while and when it was the first six months there was no bonus paid by the co-op so I never received anything lol what a waste of time. second six months I received a few vouchers worth about £2. ....maybe next year it'll be better.

Gratis

Thanks Bettie, :money:

Wow. Is that really as good as it gets? I'm not a greedy person but I was assuming that 3,000 points would be worth more than a fiver.

Bettie

I don't spend much at the co-op shops so last year having energy too was the first time in years that I received any vouchers. I don't think the co-op are doing very well so no profit = no bonus.
Maybe time to change again..:money:

Gratis

Actually, the Midcounties Co-operative, which operates Co-op Energy, is an independent co-operative and is not part of the ailing Co-operative Group.

It’s doing rather well. Last year, its profits were up by 21% to £22m and it announced that it would distribute a dividend of £6m to its members.

From 23 December 2013 until 3 March this year, it was offering an attractively priced fix to 31 July 2015 with no early termination penalties. But it then withdrew that and replaced it with a far more expensive fix to only 30 June 2015 and its other current offers are equally unappealing. One senses that it now feels it has all the energy customers it can handle at the moment and doesn’t want to attract any more (unless they are going to be very profitable to take on board).


Is anyone able to put a more hopeful valuation of 3,000 Co-op Energy points a year than a fiver?

The points, and their worth, are a factor that needs to be taken into consideration when assessing and comparing its energy tariffs with those of other suppliers. So, it's a relevant topic.

antrobus

Gratis wrote: »

.....It’s doing rather well. Last year, its profits were up by 21% to £22m and it announced that it would distribute a dividend of £6m to its members....

Ah no. The £6 m is in respect of "Payments to and on behalf of members". Only £2.6 m of that is the Member dividend; the rest consists of "Grants and other member benefits", i.e. donations and "Employee member benefits", i.e. staff bonuses. The Midlands treats all these non-contractual payments as being 'appropriations' of profit subject to members' approval, rather than expenses.

Gratis

antrobus wrote: »

Ah no. The £6 m is in respect of "Payments to and on behalf of members". Only £2.6 m of that is the Member dividend; the rest consists of "Grants and other member benefits", i.e. donations and "Employee member benefits", i.e. staff bonuses. The Midlands treats all these non-contractual payments as being 'appropriations' of profit subject to members' approval, rather than expenses.

Many thanks for this.

Please, however, could you identify for me the part in which you explain how much 3,000 points with Co-op Energy are worth? I am unable to find that bit.

Bettie

Gratis wrote: »

Many thanks for this.

Please, however, could you identify for me the part in which you explain how much 3,000 points with Co-op Energy are worth? I am unable to find that bit.

a couple of years ago it was 1p a point, then reduced to 0.5p a point then it was 0 and they did a voucher thing instead so you spent money at the co-op and got a discount.
now have to wait to see what happens next time.

Gratis

That’s really helpful, Bettie. Very greatly appreciated. :A

I had worked out that, for my family and its consumption, a point from Co-op Energy would need to be worth 4.95 pence to make up the £143 per annum by which Scottish Power undercuts it on an identical fix (with no Early Termination Penalties) to 31st July 2015.

As you muse, it’s time to move on again. A shame, though. :sad:


In point of fact, my family did initiate the switch away to Scottish Power – on Easter Sunday, via Energy Helpline. That came with £80 of Love2shop vouchers as well, so their total saving, including £14 from Top Cashback, should be about £275 over the next 15 months. Too much to ignore.

I thought I’d better do the sums in regard to Co-op points during their cooling-off period, though, in case it redressed the situation. Clearly, it isn’t going to.

I’m seriously grateful to you. :money:

antrobus

Gratis wrote: »

Many thanks for this.

Please, however, could you identify for me the part in which you explain how much 3,000 points with Co-op Energy are worth? I am unable to find that bit.

That's because it's not there.

I was simply pointing out that your statement that the Midcounties Co-op had "announced that it would distribute a dividend of £6m to its members" was inaccurate; it was in fact only a dividend of £2.6m. I presume that the amount of member dividend payable by the Midcounties Co-op must be relevant in some way to you, otherwise why would you have mentioned it in the first place?:)

Gratis

antrobus wrote: »

or even a meagre £2.6mThat's because it's not there.

I was simply pointing out that your statement that the Midcounties Co-op had "announced that it would distribute a dividend of £6m to its members" was inaccurate; it was in fact only a dividend of £2.6m. I presume that the amount of member dividend payable by the Midcounties Co-op must be relevant in some way to you, otherwise why would you have mentioned it in the first place?:)

I was not under the impression that Bettie and I were going to be sharing £6million between us and, having read the statement in full, I didn’t really want to quote it in its entirety because it was something of a digression from what I actually wanted to know and was posting to find out.

Happy now?