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Add your feedback on energy supplier Powershop

edited 30 November -1 at 1:00AM in Energy
1.6K replies 156.4K views
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Replies

  • PennineAcutePennineAcute Forumite
    608 posts
    500 Posts Third Anniversary
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    Besides last month, where prices rose -presumably due to the cold weather, the cost price of a kw of electricity has been around the 5p mark.

    So EE's 11.710p and UP's 11.1 with 11.02 SC is within that range (including profit margin, overheads and Government taxes).

    https://www.nordpoolgroup.com/Market-data1/GB/Auction-prices/UK/Daily/?view=table
  • fewkestefewkeste Forumite
    467 posts
    Part of the Furniture 100 Posts Combo Breaker
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    Well I'm a bit miffed with Powershop. Myself and another forum contributor specifically asked if there was a price increase due and we were assured there wasn't. Someone had posted that they noticed on the app the estimated future bills were approximately 30% higher and so that caused me to check the app and my estimated bills were also 30% higher.

    Both of us independently contacted Powershop and asked if a price rise was in the pipeline and both of us were assured there wasn't one due. Now we find there is!!

    It is just possible that the front line CS staff were not aware of this impending change but I doubt it.

    This coupled with the very poor Future Pack and Special Pack discounts available (worse than last year) means I will be keeping an eye on other suppliers' offers just in case.
  • TafrockTafrock Forumite
    629 posts
    500 Posts Second Anniversary
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    Where have you seen that prices are increasing fewkeste. I've recently noticed powershop are releasing new tariffs frequently (at least 3 in recent weeks keeping the same name but incrementing the release number last time I looked it was on tariff release 5).

    I wasn't categorically told there was no price increase I was told I wouldn't notice any difference under the new pricing structure powershop have had to adopt due to government rules on standard variable tariffs

    I am like yourself keeping a close eye on what has become a very competitive market in recent weeks.

    Strange thing is powershops gas as part of a dual fuel contract has become competitive albeit slightly more expensive than my current contracts with powershop and zog energy. Of course buying powerpacks would reduce this cost. The good thing is I'm not tied into any contract with either company now so am free to leave at any point. I am loathe to leave zog due to being on a 24 month fixed tariff with no leaving penalties and I'm positive gas will start to increase in price soon.

    The crunch with powershop will come when my 12 month anniversary is reached (June 6th). In the meantime my credit is reducing its down to 160 now from a high of 215. I rarely buy powerpacks at moment as they are incredibly poor value
  • fewkestefewkeste Forumite
    467 posts
    Part of the Furniture 100 Posts Combo Breaker
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    My Powershop Pioneers tariff is 15.03p Day, 8.44p Night and 15.76p Daily charge before Powerpack purchases and the Powershop Shopper tariff that can theoretically be achieved by buying Powerpacks is shown as 11.74p Day, 6.59p Night with the daily charge shown as unchanged at 15.76p. In practice the daily charge is reduced in the same proportion to the savings made on the effective Day and Night rates by buying Powerpacks as Powerpack credit is applied to the whole bill.

    Now when Powershop describe their new standard tariff as Baseline and then announce it will have 36.12p daily standing charge (before Powerpack discounts are applied) that is a price increase compared to the 15.76p per day daily charge that is my current Powershop Pioneers tariff (before discount.)

    That to me is a price increase - a 229% increase on my daily charge!!!

    So at present my (undiscounted) annual bill for the daily charge is 15.76p X 365 =£57.52. So, at present £57.52 gets bought with discounted credit in my 'credit Pot' which is filled by buying Powerpacks with various discounts throughout the year. In future it looks like my annual (undiscounted) daily charge will be 36.12p X 365 =£131.83. So I now have to buy £131.83's worth of daily charge each year with my credit pot leaving less discounted credit in my pot to purchase my Day and Night units - effectively a price rise for me - i.e. having to use more of my discounted credit in my 'pot' to buy the daily standing charge thus leaving less credit to buy Day and Night units.

    The second subtle way a price increase MAY be experienced is if the availability and discount offered for Powerpacks becomes less generous. We have already seen Future Packs offered with lower % discount than the equivalent month last year and also a reduction in the number of Future Packs that can be purchased.

    This is a very subtle form of price rise - restricting the level of discount available and thus the amount of discounted credit (energy) that can be pre-purchased as a consequence.

    Recent evidence shows Powerpacks seem to now be less generous in the discount they offer and there are reduced opportunities to buy Powerpacks with the greatest discounts (i.e. recently the number of Future Packs that can be bought has been reduced compared to previous occasions last year.)

    Is this pattern going to continue as the Future Packs for the winter months become available? What will the discount on the September Future Packs be and how many will we be able to buy this year?

    This will be a key indicator of Powershop's underlying pricing strategy. Last year September Future packs were 13.6% discount and you could buy five of them. Let's see what happens on 1st May.:D

    That's my take on things - we shall see.

    Comments?
  • TafrockTafrock Forumite
    629 posts
    500 Posts Second Anniversary
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    The falling value of powerpacks recently is a concern. Not just the reduced discount but the reduced quantity you can buy.

    The new baseline tariff is not at all competitive I agree but I've queried this with powershop and was reassured that come my 12 month anniversary i will be put onto a new fixed rate tariff for existing customers which will replace the existing standard variable rate hat our powerpacks are discounted against

    Obviously if this new tariff is higher than the existing svr the powerpacks will have to be discounted at a far higher percentage than they are currently to make continued use of powershop viable.

    At the moment I'm very happy. If my costs increase (and it doesn't have to be by much may I add) then powershop will not be a viable option for me.

    In just over a month I will know my new rates. I am free to leave if I am not happy
  • edited 27 April 2018 at 1:16PM
    TafrockTafrock Forumite
    629 posts
    500 Posts Second Anniversary
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    edited 27 April 2018 at 1:16PM
    In eleven months with powershop I have paid £319 for my consumed electricity. That £29 a month so for 12 months I anticipate a figure of £348

    My cheapest alternative at moment using same consumption figures (3037 kWh annually) is Utility Point
    Flexi Online Tracker 18 Wk15 Direct at £380

    So currently powershop is still cheaper than any alternative available.

    Powershops best new tariff for me is Powershop Top Shopper April 2018 Issue 5 quoted at £410 a year

    An anomaly arises though because the comparison sites say I have paid £389 in the last twelve months which I haven't I am On schedule to pay £348 as previously mentioned

    That's already a saving of £41 for me in 12 months achieved by buying powerpacks

    A similar saving in the next 12 months will see me achieve a figure of £369 which is cheaper than utility points quote of £380

    Therefore if powershops powerpack discounts revert to those of winter 2017/18 rates powershop will still be the cheapest for me

    That's the big if though isn't it and only time will tell

    At the moment I'm gambling and staying with powershop
  • Mick_PopkaMick_Popka Forumite
    70 posts
    Part of the Furniture 10 Posts
    Problems over my username and password, so now Z0rbaCheeks returns as my true self!

    I run the which.co.uk comparison of electricity suppliers prices on a weekly basis.

    This week the cheapest is "Usio Green Lite Electric 0.1" which was launched on 24th April.

    It is listed as a Variable Price, no exit fee, no end date, no requirement for a smart meter, 11.122p per kWh and 22.896p per day (Prices for Yorkshire Region).

    The Which.co.uk figures for PS TopShopper (Issue 5) are 11.445p per kWh and 17.388p per day (Yorkshire Region).

    As a High User (10,000kWh) the Usio offer is £12 cheaper than PS Top Shopper.

    I'm assuming that the Top shopper figure can be improved upon by purchasing only powerpacks with discounts over 10%.
  • TafrockTafrock Forumite
    629 posts
    500 Posts Second Anniversary
    ✭✭
    I had username and password problems today too mick. (id sussed who you were from Facebook posts). Things are moving fast in the world of utility prices at the moment so it's worth doing a regular price check.

    It's not that powershop have suddenly gone expensive (though the discounts available have decreased) it's more that rival companies are undercutting them.
  • dave_dphdave_dph Forumite
    541 posts
    500 Posts
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    Ok, so as a new customer I gained access to the shop two days ago and immediately purchased powerpacks for the current period:

    1 x Snack pack with a saving of 24%
    1 x St George pack with a saving of 10.1%
    1 x Jumbo pack with a saving of 5.7%
    1 x June Future pack with a saving of 12.7%

    Also available to me are future packs for July and August, both with savings of 10.8%.

    So how do I know which packs to buy in order to get the best price? If I don't buy future packs to cover all my usage in June, July and August, when we actually get to those billing periods; are the discounts for current cycle going to be less than 12.7% and 10.8%

    I'm somewhat confused as to how this process puts me in control if I'm purchasing powerpacks blind?
  • Mick_PopkaMick_Popka Forumite
    70 posts
    Part of the Furniture 10 Posts
    Dave,
    as a new customer my advice would be:

    1. Work out what your average daily consumption is (Easiest way to do this is to provide a daily meter readings to PS).

    2. Estimate the number of days each pack will give you.
    For me the April Powerpacks have the following values:

    SnackPack - 1.5 days
    Jumbo - 9.5 days
    St George - 4.5 Days
    June Future - 18.5 Days

    Total = 34 days

    So that should cover you until next month....

    3. On 1st May you will be offered the May Powerpacks - this should include a SnackPack, Jumbo which you can purchase before the end of May.
    You will also see the September Future Pack.

    During the month there will be 2 or 3 "Special" Powerpacks that will be available for a limited period of time (usually about 4 days) - the St George Pack you bought in April was one of these.

    To be sure that you are aware of these "specials", either log in regularly to your account via the web or install the Phone App.

    NOTE: The Phone app will automatically notify you when these "specials" are launched.

    Buy sufficient of the powerpacks on offer to cover your estimated consumption for May and buy the July Future Pack (available until the end of May).

    4. As long as you buy enough powerpacks in advance to cover your consumption for the month (and a bit more) you should gradually build up a credit balance.

    5. Only buy future packs in the month that they "expire". Don't buy the September future pack in May, it will still be there for you to buy it in June and July!

    6. Remember that the powerpacks will NOT be used in the order you bought them!

    They are used in the descending sequence of discount, as follows
    1 - SnackPack (24%)
    2 - June Future (12.7%)
    3 - St George (10.1%)
    4 - Jumbo (5.7%)

    So the balance you carry forward to the next month will be at the lowest Discount.

    Future packs will be used in advance of the month they are named if their discount is higher than the other powerpacks you have in your balance.

    Hope that helps!

    - anyone spot any mistakes or have a different view of the above?

    PS Your not purchasing "Blind", you just don't know what discounts will be offered before they are available in the shop.

    If it help I can post details of all the powerpacks offered to me since I joined in October.....
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