OT: 'Our Energy'. Is it going to work?

[T i m]

I'm not sure if everyone has seen this but the is a crowdfunder 'Our Energy' trying to get into the energy supply market (and nearly have the 200K they need to get started).

It looks like it should be good idea (ignoring any links to 'Green energy ' etc) but does the panel think it will fly?

Could the big 6 stop them somehow?

Is it something like GiffGaff or the possibly the soon to be gone, CoOp? ;-(

What about the morality ... if they took some profits away from any of the generators (not the solar PV or wind white elephant / distractions), would that mean less investment in the infrastructure and generation (bad?) ... or just less profit for their shareholders (good?)?

Cheers, T i m

[harry]

Why is less profit for shareholders good?

[T i m]

You really don't get the idea about how this money isn't 'magic' do you harry? ;-(

It's as if it really doesn't matter where it comes from as long as it all goes to you (or a few shareholders).

Maybe now we have crowdfunding we don't actually need shareholders any more?

Cheers, T i m

[Jethro_uk]

It's an energy co-operative. Hardly anything new. If they stay as a co- operative, and have a water-tight constitution, then they should be able to avoid being snapped up due to members greed (c.f. Halifax et al).

If they could guarantee they'd invest solely in nuclear, I might learn more ....

[T i m]

Quite. My BIL did something similar by approaching one of the big suppliers with a few hundred potential customers and they agreed a reduced price to the group.

I think part of what they are about is that it's al about being fair and reasonable and so shareholders cant sell their shares on. You leave you leave the shares behind.

Well yes, they mention 'Green subsidies' so that stopped me putting in a donation to have them give it to the likes of harry or anyone else who has the 'belief' that solar PV has any (real) value at this latitude (apart from charging some batteries when I'm camping (and the sun is out of course)).

Cheers, T i m

[GB]

The generation side of the business is completely separate from the retail side. So, if the whole retail side went over to a non-profit model, it ought not to affect the generation business.

Having said this, I'm not sure whether this new company is going to make much difference. If the retailers are making 5% net profit on the energy they supply, say, that means customers are paying 5% more than to a theoretical non-profit. That could easily be lost if the non-profit is less efficient.

In fact, OFGEM says the average net profit is 4.04% on dual fuel tariffs. So, I wouldn't say this new company is a scam, but it's an awful lot of hype about what is bound to be a pretty tiny saving in fuel costs for most customers.

[Jethro_uk]

Also all benefits only kick in when they have 20,000 subscribers.

So 19,097 more to go then ...

[T i m]

Ah, ok, thanks. So a bit like BT Openreach and BT (retail)?

Ok..

Yes, it was that sort of thing I was wondering.

Interesting, thanks.

So, if they could do it GiffGaff style with a minimum number of high wage earners at top or bodies (and buildings) generally in the system they could make some difference but the point as you say is 'how much'.

75% of the 'profit' back to the customers could relate to very little.

Interesting to watch though. ;-)

Cheers, T i m

[Brian Gaff]

It seems to me that this whole energy market thing is smoke and mirrors in the first place. After all energy suppliers are just selling cheaper or more expensive admin services to allow you to pay for the energy. I agree if they want to buy , say gas or anything at certain times the prices vary, but even that is artificial as electrical energy is generated even if nobody is using it. Brian

[tim...]

most of the small energy companies are just resellers for one of the big six

[Jethro_uk]

From 2002 to 2006 we changed energy suppliers 3 times without signing a single form. We started with Amerada ....

[Bob Minchin]

I'm switching virtually every year now, mainly between the big 6 but also tried OVO. The deal when you sign up is generally good (lesser of the evils!) but rarely do any of them try and retain your loyalty with a decent follow-up offer so I move on. The process is all electronic and quite painless. Vehicle/house insurance seems to work the same way. No loyalty benefits.

[David]

Didn't at least one small energy supplier go mammaries skywards recently because they weren't big enough to hedge against currency fluctuation and got hit by Brexit vote devaluation?

All very well joining together to buy from the generators but you need financial clout to ride out ups and downs in prices - unless as a consumer you are happy just to track wholesale energy prices.

As far as I know we import much of our energy raw materials, even coal. Therefore not priced in UKP.

Cheers

Dave R

[Dave Liquorice]

Well you can't avoid the "Green subsidies". IIRC they account for around 15% of your bill, some are mandatory, others part of the various energy saving schemes that they have to run (free insulation, light bulbs etc).

[alan_m]

And now they have 200K they want 300K! Moving the goal posts at the last minute is hardly trustworthy. Nothing they currently say can be expected to be the truth.

[tim...]

you were lucky

two of my three switches were seriously f***ed up, each taking 9 months and multiple phone calls to the companies concerned to sort out

If you complain they give you 50 quid compo, if you don't they give you nothing.

I think that compensation for an extended switch should be automatic (and for a 9 month delay an order of magnitude more than 50 quid)

tim

[Bill Wright]

What have you got against shareholders? You're a commie bastard aren't you? I always suspected you of being a red. I'll send my friend Mr McCarthy round.

Bill

[T i m]

Hmmm ...

Cheers, T i m

[T i m]

I guess some 'Green initiatives' are worthwhile (like better insulation and lower energy lights) but it's the ones that make the rich richer (often off the backs of the poor) I object to.

Shame were weren't given the opportunity to tick the boxes of the ones we wished to support?

Cheers, T i m

[T i m]

I guess they work on the basis that there are still many people who simply don't bother.

A mate swaps his BB supply between himself and his wife('s name) each year and gets the automatic 'new customer' discount. ;-)

Cheers, T i m