SYMBIO EMAIL

anna1976 · 22 June 2021 at 12:08PM

I have recently received a very long email from Symbio. I have a lot of misgivings about it. This is a small excerpt. Will someone knowledgeable analyse its implications?

We have therefore added functionality to our system which will allow a more familiar model. We detail the changes below but it is important we reiterate the terminology used in billing.

Monies on Account – These are monies collected to hold on the account to pay for your energy when the bill is issued. The monies on account will invariably be slightly more than your actual billed amount to allow for the peaks and troughs of consumption. Any amount over your billed amount will attract 5% interest and in the event that the company is holding more than 20% of your annual bill, it will be automatically refunded. 5% interest is on average 30 times more than the average current account interest. Monies on the account have no reference to your actual bill but is an amount held to cover your expected monthly bills over the year.

Actual Bills – These are bills that are reconciled between the estimated bills and the actual bills where a validated meter reading is provided. Please note that an energy bill is in the main the price per unit of electricity used, plus the standing charge for the meter rental and other infrastructure related to energy consumption.

Unlike most other UK energy companies, we will simply charge a standard monthly amount which will vary twice a year. We will collect less from April to September and slightly more from October to March, to more align the payments to expected consumption. The new system has calculated the ‘Amount on Account’ which we will take from your Direct Debit. This is NOT, your billed amount.

The money on account is your money and any excess will attract 5% interest from Symbio Energy. In line with Ofgem best practice guidelines and unlike our competitors, we will not allow any excess amount on your account to exceed 20% of your annual bill and will automatically refund any excess at the end of your contract period.

Summary

The new billing system will see fewer changes in bill amount through the year irrespective of changes in consumption patterns as opposed to the current system which seeks to titrate collection to usage.
The new system is optional for current customers. The link will allow customers to choose. At renewal, all customers will be on the new billing system.
We recognise we have failed in some areas and we unreservedly apologise. Where we are no longer a benefit, we are providing a one-month moratorium on exit fees, such that customers on fixed tariffs can leave without an exit fee.
We will continue to strive to improve and have trebled our staff numbers AND training. We will also strive and commit unequivocally to continue to be the lowest priced electricity provider in the UK.