This week I’ve been heavily immersed in year 2 maths. This is interesting as, while I have an A Level in maths I have no idea about number chains or some of the terminology being used in my daughter’s homework *queue the long stare from her*. Maths at this age is great though, and children are happy knowing that every answer is definitive and absolute and isn’t open to interpretation:
2 + 2 = 4
10 – 3 = 7
6 is greater than 2
5 is less than 11
and so on…
So, if this is the case for primary school maths why isn’t it the same for your energy quotes? You shouldn’t have to be Rachel Riley to know which price quoted to you is the most economic but sometimes comparing energy quotes can be a bit of a conundrum!
Let’s take a look at an example…
Supplier 1 quotes: 11 pence per kWh – fully fixed electricity price with no additional pass through charges
Supplier 2 quotes: 5 pence per kWh – fully fixed electricity price with all non-commodity charges passed through at the prevailing rate
Supplier 3 quotes: 8.5 pence per kWh – fully fixed electricity price with 40% of the non- commodity charges passed through at the prevailing rate and 60% fixed
But which price is the best? Without knowing the elements of the price that are fixed and those in the T&Cs that are pass through, you can’t really answer this question. When getting prices from your electricity suppliers, make sure you know every component that makes up the cost. Even if they aren’t included in the initial price – the supplier will be able to forecast them for you.
We’ve broken it down for you below, so you can see for yourself just how much (or little) electricity actually makes up your entire bill:
Don't get caught out!
On your energy bill the electricity price can be quoted including all the chargeable costs, or with various parts removed from it. YPO can provide quotes in any way but we'll always be transparent about the total final cost of your electricity. We'll also quote like for like when comparing against your current cost.
Please remember that electricity only accounts for around 38% of your total bill. It's really important you know about all the costs included to avoid big, hidden charges!
We’d always suggest that customers ask for a full breakdown of charges (including non-commodity costs and management fees) on their quotes, to enable them to do the maths and compare quotes more confidently.
If you’re feeling a bit confused or have any concerns over quotes, please don’t hesitate to speak to the YPO energy team. We’re here to give you free advice and comparisons to assist you in your decision making.
Email: [email protected]
Phone: 01924 821 787
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