Add your feedback on energy supplier Powershop

fewkeste

Tafrock wrote: »

Does that mean youre leaving fewkeste

It depends - I'm looking at alternative suppliers and comparing them with a 'realistic achievable Powershop tariff' - i.e. what I think I might actually achieve, not the 'pie in the sky' Top Shopper tariff that I now do not believe is achievable over a year.

I will calculate my actual achieved tariff on a month by month basis and make a decision after my February Future Packs are used up.

It will depend on what high discount special packs appear over the winter months. If I can't achieve a month by month discount of at least 29% over the winter months (the difference between Baseline and Top Shopper in the East Midlands) then I've got no chance of achieving that in the summer and thus overall for the year.

I do a search every week and every week at present Powershop Top Shopper comes out best and the next best (cheapest) is about £100 p.a. more.

So, no immediate plans to move but looking with a very critical eye at the nearest alternative supplier.

Tafrock

Pretty much what I'm doing to be honest. The last few weeks have given me cause for optimism with the higher discounted powerpacks. However I too very much doubt top shopper is achievable. I've survived to this point because I ran up such a high credit last year because of the large quantity of electricity future packs contained at a very high discount. I have no intention whatsoever of buying powerpacks with discounts below 10 %. It's just not a competive price to pay so like yourself I'm checking the market regularly. My next cheapest fixed tariff (a must in the current climate) is £48 dearer with toto. However I can get outfox variable tariff at a mere 6 pounds more per year. So any deviation from my top shopper quote means I may well jump ship. Basically if my monthly bill increases to over £32 a month. Currently it's running at £30.55 so it's very close indeed

grumpycrab

Still interested. Quote, specifically the Top Shopper tariff is very competitive if you buy all Powerpacks. Take with a pinch of salt?

Equites

grumpycrab wrote: »

Still interested. Quote, specifically the Top Shopper tariff is very competitive if you buy all Powerpacks. Take with a pinch of salt?

Like other posters I struggle to understand how these competitive prices can be achieved when the March/April future packs are offering such low discounts. Every user is different but in my case these future packs make up a significant part of my months electricity use.
However, I also think to myself that they cannot just go around quoting these prices knowing that it cannot be achieved (thus opening themselves to legal challenges from the likes of trading standards). Or maybe I am just being naive....
What keeps me with them for the moment is the knowledge that as soon as I know they are playing games at my expense my contract allows me to leave them at anytime free of charge - if there were exit fees I would definitely not go with Powershop at the moment.
In the meantime I am paying less than my old supplier thanks to the high discount future packs that are available until February.

Umiamz

So I'm switching to Powershop after all. Electricity supply started today and gas will start on Monday. I now have to wait for my initial readings to be verified, which they say can take up to two weeks, then I'll get a welcome email and can start using the app.

It may or may not save me money but I do like the idea of being more engaged with my energy purchasing. I've been logging daily meter readings for a while now, using an iOS app called Meters, so plan to continue doing this with Powershop.

Regarding power packs - is the advice still to buy them all to start with to build up some credit? Hopefully I'll have access to the shop sooner rather than later...

grumpycrab

Guessing most Top Shopper readers will be keeping a spreadsheet - what's your 12month % saving over the powershop 1st year gauranteed (or otherwise) rate? (And please state whether gas and/or electric)

fewkeste

Umiamz wrote: »

Regarding power packs - is the advice still to buy them all to start with to build up some credit? Hopefully I'll have access to the shop sooner rather than later...

Yes - initially buy all of them you can then, when you've got say a couple of months of credit on your account, you can be more picky. You can then also later ask for refunds on Power packs you initially bought at the start of your time as a customer that a few months later don't seem such good value now you've got a few months Power pack buying experience under your belt.

The reason why you buy everything available is that you want to avoid at all costs the possibility of having to buy Standard Power (now called Baseline Energy) because that has no discount.

If you are short in any given accounting period even though you've bought every pack going, let PS automatically buy the Baseline Energy for you, as they will only buy the minimum amount needed to settle the monthly account.

The best way to think about this initial 'buy all' strategy is like when a pilot flies a plane.

On takeoff they select full power (or nearly full power) then, when they've gained sufficient height, they ease down the throttles to cruising power. Well it's the same with Powerpacks.

With a couple of months of credit in your account you can then set a discount level below which you'll decide not to buy. My current buy/no buy threshold is about 18%.

Welcome to Powershop.

Tafrock

Sound advice fewkeste. My threshold also 18 per cent. The increase in powerpack discounts recently has been very welcome. I'm now back up to £99 credit (11 weeks). Powershop still marginally my most cost effective supplier

Umiamz

Thanks guys, useful information.

grumpycrab

Umiamz wrote: »

I now have to wait for my initial readings to be verified, which they say can take up to two weeks, then I'll get a welcome email and can start using the app.

It sounds like there's an initial period (of a couple of weeks) where you cannot buy power packs - not a problem assuming there are power packs available to buy within the first month.