Add your feedback on energy supplier Powershop

griffb

Tafrock wrote: »

Are you still on your easy saver promise griffb. Ie have you been with powershop less than twelve months and when did you sign up

My understanding is any rate switch only takes place after your first anniversary

Ok thanks, that's clear now. My anniversary is end of October, so "Standard" rate still applies, although it IS a variable rate, so PS could in theory change it at any time.

My "Easy Saver Promise" was never really a factor (12.96p/kwh against 13.45p/kwh). It only made a £30 odd saving over the full price estimate. There were plenty of better offers.

Best plan at the moment would seem to be wait until I have used up all the big discount (ie >20%) packs and then switch to Utility Point if they are still going. Their 16 month fix is at a level equal to about a 19%-20% discount on PS Standard tariff

Image already added

[Deleted User]

Z0rba-cheeks wrote: »

Here is the comparison of annual consumption figures of PS vs Utility Point (Just Up 18 Wk13 Direct Tariff):

1000 kWh UP £153.97 PS £171.83 UP Saving £17.86
2000 UP £267.70 PS £280.19 UP Saving £12.49
3000 UP £381.43 PS £388.55 UP Saving £7.12
4000 UP £495.16 PS £496.91 UP Saving £1.75
4324 UP £532.01 PS £532.01 Equal Cost for both suppliers
5000 UP £608.89 PS £605.27 PS Saving £3.62
6000 UP £722.62 PS £713.63 PS Saving £8.99
7000 UP £836.35 PS £821.99 PS Saving £14.36
8000 UP £950.08 PS £930.35 PS Saving £19.73
9000 UP £1,063.81 PS £1,038.71 PS Saving £25.10
10000 UP £1,177.54 PS £1,147.07 PS Saving £30.47
11000 UP £1,291.27 PS £1,255.43 PS Saving £35.84
12000 UP £1,405.00 PS £1,363.79 PS Saving £41.21

So, If your annual Electricity kWh consumption is less than 4324, Utility Point are cheaper than Powershop.

Example: 1,000 kWh with Utility Point would save you £12.49 vs Powershop.

If your annual kWh consumption is greater than 4324, Powershop are cheaper than Utility Point..

Example: 12,000 kWh with Powershop would save you £41.21 vs Utility Point.

- Utility Point is a 16 month fixed price contract with a £30 exit fee.
- Powershop is a 12 month fixed price contract with a Zero exit fee.
NOTE: The above figures are based upon prices for Yorkshire Region.

The choice is now yours.....

..... My view is that Utility Point is cheaper for low consumption (Less than 4324 kWh per year) AND you pay a fixed amount by direct debit each month based upon your estimate of your annual consumption and monthly readings.
No worries about :

1. "Why are the discounts on powerpacks so low"?
2. No constant "Purchase in advance"
3. " I have to buy this powerpack in the next 4 days or it will be removed from the shop"

As I am a high consumption user (12,000 kWh), I'll save the £41.21 and stay with PS (Spot the Yorkshireman!) :beer:

Thank you, very interesting post. Also to add that some banks pay cashback on energy direct debits (e.g. Santander 123, Natwest Rewards etc).

Assuming the UP direct debit qualifies (I guess smaller providers don't always) then that's an extra 2% or whatever saving in the from of cashback into your bank.

Sadly the exit fee, and 20%+ powerbacks I've got stacked, means it's not worth me switching. However once I've moved, certainly something to consider - especially after all the antics documented here with "no planned price rises" then look what happens :rotfl: :mad:

Tafrock

Exit fee?? What exit fee. Powershop don't have exit fees.

I earn the 2% rewards with natwest on all my powershop purchases

As long as this new standing charge is not applied to my account I won't move

If it does its really not worth staying in my opinion

griffb

Somerset_La_La_La wrote: »

Assuming the UP direct debit qualifies (I guess smaller providers don't always) then that's an extra 2% or whatever saving in the from of cashback into your bank

Utility Point IS on the Natwest Rewards list, but strangely Outfoxthemarket is not. I think it is fairly easy to get utilities added.

I need to work out what powerpacks I have left unused

Tafrock

Outfox standing charge is too high for me to consider it.

If I swap I'll probably go for utility point variable as there's no exit fee and if I'm not happy I could transfer without penalty

Hopefully I'll get some answers from powershop after the weekend

I just can't fathom put how powerpack discounts are going to be applied to this new baseline fixed rate we will be transferred onto..

Because in order for the quoted rates to be achieved the discount would have to be applied differently to the unit rate and the standing charge.

Quoted baseline prices for new customers show 36.162p standing charge and 16.212p unit rate

First year promise 34.220p standing charge and 14.763 p unit rate

Achievable powerpack top shopper rates 16.601p standing charge and 11.508 p unit rate

So it appears a large discount is being given to standing charge on the region of 19.5p but only 4.7p discount on the unit rate

How are we supposed to work out what we are paying when we buy a discount pack of say 25%

At the moment only the unit rate is discounted as the standing charge is identical in standard, price promise and shop for powerpacks

I'm so confused

Z0rba-cheeks

Easy,
Log into your on-line account.
Select the "transactions" Tab.
On the left hand menu select "Powerpacks Purchased".

The entries in Black text have a credit balance remaining, the amount remaining is shown in the right hand column under the heading "Balance".

The entries in Black may also be marked to be used to pay for your current month's usage - this can change during the month is your purchase a Powerpack with a higher discount.
(Example: The "Dual in the Crown Special Pack" at 28.5% launched on 7th April 2018)

The entries in Grey have been fully used and show a Zero remaining Balance.

NOTE: The report is in chronological sequence, with the earliest Powerpack purchased on the last page of the report, however Powerpacks are not used in the sequence you bought them.
Those with the greatest discount are used first!

Tafrock

Yes I know all of that. Been very happy with powershop until now. The app and website provide ample information.

griffb

Tafrock wrote: »

Yes I know all of that. Been very happy with powershop until now. The app and website provide ample information.

I think that was for my benefit

[Deleted User]

Tafrock wrote: »

Exit fee?? What exit fee. Powershop don't have exit fees.

I earn the 2% rewards with natwest on all my powershop purchases

As long as this new standing charge is not applied to my account I won't move

If it does its really not worth staying in my opinion

I mean exit fee at alternative suppliers, not powershop. Otherwise I'd move, but there's no point me moving from Powershop now, knowing there will be an exit fee to pay to the new supplier in a few months time when I move house (unless they agree to transfer the supply etc etc, but too much potential for complication then!).

How are you purchasing powerpacks? Or do you mean your excess spend? Thought Natwest rewards were only for direct debits, and all my spend is more than covered by powerpacks so I never have a PowerShop Direct Debit, sadly

I wish you could queue your powerpack purchases and set them to pay monthly by direct debit - then could earn rewards on them. Must be cheaper for powershop too... 1 direct debit vs. how many small card transactions and the related fees!?

Tafrock

I just set up a direct debit with powershop as requested but each powerpack comes out as a separate direct debit (unless I buy them in batches). I was suprised. My bank account lists powershop as a variable direct debit taken at varying frequencies.

I get rewards every time.