Oddity with E & G DD quotes

Utility point have just done the same, I joined them in August, and had got into credit as it's only been summer usage so far, I have provided them monthly readings, they have now re-assesed my DD amount upwards, unless it's a vivaciously cold winter, I expect I'll be further in credit by spring.

Have you seen newspaper ads for Labrador thelabrador.co.uk ? Would their system get payments more closely related to what you actually use? The only thing that I'd question is how robust they are as a company? The last thing I'd want is for them to go bust and find that I'm not really signed up to any energy company at all.

Nick

No, hadn't heard of them

Can't see how it would, seems they just act as a "switcher"

You'd be left with whoever they last switched you to, presumably?

I don't like the idea of giving them (or others like them LookAfterMyBills, Flipper etc) enough info for them to logon to the energy provider as me, or setup DD in my name.

The regulator will automatically allocate you a new supplier after which you have the option to chose your own.

The problem with a few dodgy companies that have gone bust is that they have increased the DD by a large amount before going bust leaving their customers in credit. The new supplier does not necessarily have to sort out the billing from the old supplier however there is an industry (insurance) fund for such problems.

Because they have no idea what you are using presumably and think money overpaid in their account is worth having over having it in yours. Brian

My supplier referred to

the EAC (Estimated Annual Consumption) associated with your electricity meter and the AQ (Estimated Annual Quantity) associated with your gas meter. This data is held on a National Database

So presumably this is a supplier-independent database of gas and electricity usage per meter, wonder how many years it goes back?

Presumably under current rules, it must be possible to see this data for your own property?

Chris

Looks (at least partly) like personal data to me

For each MPAN [...] provide the following details: Grid Supply Point Group Customer name and telephone number Billing address Site address Profile class Meter timeswitch code Line loss factor Energisation status Meter serial number Estimated Annual Consumption (EAC) figure Last Annualised Advance figure Registered maximum demand figure (Profile classes 5 to 8 only) Is the customer contracted for the supply of electricity with any company acting as agent to the Licensee and, if so, who Meter Asset Manager (MAM)

Alan/Andy - I only skimmed the information from the website but the impression I got is that they are not a conventional switching site.

I think what happens is that you sign up with them and pay them monthly for the electricity/gas that you use. You are their customer, not the energy company's. They supply you at the best price they can find and switch their source of supply whenever conditions change. They claim to charge you the actual best price offered by the best energy company and to make their money from the switching fees paid by the energy company as commission.

So my concern is that if Labrador is not really an energy company, if they go bust they don't fit the pattern for the regulator to intervene and you could end up without supplies while you find someone willing to supply you direct. Or am I overthinking all this? If the safety net is still there it looks like a pretty good way of getting the best price deals.

Nick

Yes, they are not "just" a comparison site like u-switch, the meerkats etc.

No, you give them authority for them to switch you to a different supplier, and they setup a direct debit from your bank to that new supplier, you never pay labrador.

I don't know if they request username/password for your existing supplier, I didn't get that far into their process.

But they ask for a shitload of info that no other energy company has ever asked for, and doesn't seem relevant.

It appears that your contract is directly with the energy company.

My only concern would be if they use the industry standard formula for determining a cheaper/cheapest deal when you still have a period still left on your current (fixed) tariff which could result in you paying a lot more.

Their FAQ suggest that you could be switched twice per year. taking into account exit fees. The six months switch could be the problem using the industry standard formula.

At six months into a one year contract your current yearly costs will be calculated as the 6 months remaining at your current tariff plus another

This is the formula used by most comparison sites. It is also the formula used by the the energy companies when they try an persuade you to change to one of their higher tariffs to save money!

You could lose out by switching at the six month point but Labrador always make money from the switching fee.

Labrador inform you of the switch and give you the option of cancelling it but if you have to double check each time what's the point of using the service in the first place especially as you re giving them details about you bank account. They claim that they only use the bank details to fill out the DD form on your behalf.

There doesn't seem to be any T&C on the Labrador site so checking of their small print and get out clauses is somewhat difficult.

I suspect the companies with the cheapest rates don't give commission to the switching companies so will be excluded from their list.

I should have read it, not skimmed it, shouldn't I? Thanks for pointing that out.

Nick

Sounds similar to Flipper. Which I've been using for several years.

Which is why I use Flipper. You pay them direct for the service, and they don't take a commission from the supplier. Seems a more honest way to me.

But why pay £25 when Martin Lewis will show you who (if anyone) is cheaper than your current deal, based on either the price you're paying now or the price you'll be paying later.

Because they do it all for me, and I don't have to remember to trawl through various sites every year searching for the best deal. And it was Martin Lewis who recommended it. ;-)

Not long after hearing about it on R4. 5 years ago?

Yes - made zero difference here.

This is an old house with highish energy bills. A fixed sum to get the best deal is probably a lower percentage than for those with lower bills.

When you see the amount of money the comparison sites spend on advertising

- and the 'free' gifts some offer, all paid from commission they get when you change, I prefer to know what I'm actually paying for directly.

When did you start?

Did you "ride through" their 2017 administration period too?