Time to give electricity the flick?

Forums › Home Workshop DIY › Time to give electricity the flick?

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226 posts

Master Geek
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#2079637 27-Aug-2018 12:02

tdgeek:

Wow. Flick has about 24000 customers, a little less than Electric Kiwi. 46 million divided by 24000 is a tough ask, so yes, bound to be an "increase Z fuel sales and increase Flick electricity sales" Two necessity products, maybe not a bad idea. Two birds with one stone.

I must revisit Flick, I am with EK.

And $30M of that is payout to the original shareholders. Quite a tidy profit i expect, $1250 per customer.

dantheperson

226 posts

Master Geek
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#2079641 27-Aug-2018 12:04

Aredwood: Z Energy has purchased 70.1% of Flick Electric for $46 Million.

https://www.nbr.co.nz/story/z-energy-pays-46m-701-flick-electric

I wonder if they will try to integrate Flick with Z? Buy petrol and get 6c per unit discount off the wholesale power price maybe?

In case you don't have a NBR subscription here's a Dominion Post article

amanzi

Amanzi
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#2079646 27-Aug-2018 12:07

dantheperson:

Aredwood: Z Energy has purchased 70.1% of Flick Electric for $46 Million.

https://www.nbr.co.nz/story/z-energy-pays-46m-701-flick-electric

I wonder if they will try to integrate Flick with Z? Buy petrol and get 6c per unit discount off the wholesale power price maybe?

In case you don't have a NBR subscription here's a Dominion Post article

And in case you actively try to avoid the Stuff website, here's a Radio NZ article.

nickb800

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#2079648 27-Aug-2018 12:12

dantheperson:

tdgeek:

Wow. Flick has about 24000 customers, a little less than Electric Kiwi. 46 million divided by 24000 is a tough ask, so yes, bound to be an "increase Z fuel sales and increase Flick electricity sales" Two necessity products, maybe not a bad idea. Two birds with one stone.

I must revisit Flick, I am with EK.

And $30M of that is payout to the original shareholders. Quite a tidy profit i expect, $1250 per customer.

No idea what their costs are, but back of the envelope for 9000KWh/yr, annual revenue per customer from the 'flick charge' per day and unit is around $300. Clearly Z see a lot more value than the current customer base.

The future for Flick has to be in the partially hedged price model, as they have tapped out the geek market, and average punters hate getting spot price shock in the middle of winter

old3eyes

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#2079684 27-Aug-2018 13:18

Guess they're getting into the EV charging stations using the Flick brand.

Regards,

Old3eyes

Aredwood

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#2080040 28-Aug-2018 00:06

Some of the value would be in not having to incur startup costs in creating their own power retailer.

Z Energy will probably launch a new fixed price power brand, using the Flick back office systems. And run a loyalty program across fuel, home power, and EV charging.

They would also be able to do deals with companies that own diesel generators that are capable of grid connection. To be able to sell power into the wholesale market during price spikes. Both to make a profit. And they would also be able to offer capped wholesale prices to Flick Electric customers. Also they would be able to self hedge the power that their EV chargers, petrol stations etc use.

Having access to the cheapest cost price on diesel in NZ gives them options that the other power companies don't have.

michaelmurfy

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#2080050 28-Aug-2018 07:44

@Aredwood Flick already have a fixed price offering - it is fixed for 6 months at a time at quite a low rate. Is good for when there is electricity uncertainty. You do at the moment need to call or email them to get onto this plan (and you're fixed for 6 months).

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Theclaytons

203 posts

Master Geek
+1 received by user: 26

#2082224 1-Sep-2018 09:31

Have flick prices calmed down after the early winter peaks? On Electric Kiwi and thinking of "flicking" back...

I'm in Christchurch and the Orion winter surcharge ends today :)

http://www.speedtest.net/result/6594768645.png

luckiestmanalive

54 posts

Master Geek
+1 received by user: 5

#2082234 1-Sep-2018 10:15

michaelmurfy:

@Aredwood Flick already have a fixed price offering - it is fixed for 6 months at a time at quite a low rate. Is good for when there is electricity uncertainty. You do at the moment need to call or email them to get onto this plan (and you're fixed for 6 months).

I wonder how they are backing that fixed price? Imagine if Flick could provide you access to third party deals available to retailers?

I think this is getting close to how retailing should work. Every load on a smart meter should be charged the spot price but you have to choose a retailer for billing and various obligations that protect consumers. You can stop there and you have the Flick model. However, you could also choose a party (could be your retailer but could be another party) that provides a subscription to a software application that collects all the various deals offered by retailers or third parties and estimates their likely cost according to your load profile. You could choose a traditional "all you can eat" fixed price deal or remain completely on spot or something in between. It is a mash-up of the business model of Flick, Powershop (where offers are not restricted to ones offered by Meridian Energy), and a traditional retailer.

At the moment, the vertically integrated nature of the industry limits choice to consumers, which by definition increases costs and profits for the gentailers.

SBQ

104 posts

Master Geek
+1 received by user: 13

#2082248 1-Sep-2018 10:47

Theclaytons:

Have flick prices calmed down after the early winter peaks? On Electric Kiwi and thinking of "flicking" back...

I'm in Christchurch and the Orion winter surcharge ends today :)

As a Chch resident, it's a hassle to switch between power retailers just to get around the months of winter surcharge. If you can utilise the day & night pricing, i've found Genesis Energy to be the best compromise. I use to be with Flick but spent more time looking at their app than to actually use the power when I want to. As in the previous posts, we've found Flick's price was rarely lower than Genesis's (note must factor their 12.5% prompt payment discount) when looking at the open market spot rates over the winter time. You may get some savings in the summer months but how much electricity do you use in the summer?

Just last night Genesis emailed me for another Power Shout. This time a 6 hour block of free power I can choose during the next 2 weeks.

tdgeek

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#2082253 1-Sep-2018 10:58

SBQ:

Theclaytons:

Have flick prices calmed down after the early winter peaks? On Electric Kiwi and thinking of "flicking" back...

I'm in Christchurch and the Orion winter surcharge ends today :)

As a Chch resident, it's a hassle to switch between power retailers just to get around the months of winter surcharge. If you can utilise the day & night pricing, i've found Genesis Energy to be the best compromise. I use to be with Flick but spent more time looking at their app than to actually use the power when I want to. As in the previous posts, we've found Flick's price was rarely lower than Genesis's (note must factor their 12.5% prompt payment discount) when looking at the open market spot rates over the winter time. You may get some savings in the summer months but how much electricity do you use in the summer?

Just last night Genesis emailed me for another Power Shout. This time a 6 hour block of free power I can choose during the next 2 weeks.

Someone said here there was a weekday off-peak and all weekend at about 16c. I find the price page confusing as to what matches with what. Any idea? I'm in ChCh

SBQ

104 posts

Master Geek
+1 received by user: 13

#2082338 1-Sep-2018 12:38

Someone said here there was a weekday off-peak and all weekend at about 16c. I find the price page confusing as to what matches with what. Any idea? I'm in ChCh

Genesis Classic Plan - Variable Day and Night plan ** is off-peak pricing for weekends (9PM Friday to 7AM Monday). During week days, it's also off-peak after 9PM to 7AM overnight. Off peak price is 11.55 excluding GST, but factor the 12.5% prompt payment discount, it's 10.106 cents/kW/hr. When you sign up, ask for the $150 credit for new customers.

https://www.genesisenergy.co.nz/plans-and-pricing?productRegionId=5&subCategoryId=0&productId=1

Wifey enjoys the weekends because throughout the day she can get the laundry done, all at a low off peak pricing.

luckiestmanalive

54 posts

Master Geek
+1 received by user: 5

#2084996 6-Sep-2018 12:43

SBQ:

Just last night Genesis emailed me for another Power Shout. This time a 6 hour block of free power I can choose during the next 2 weeks.

I love how us consumers warm to retailers offering this type of marketing. To me, it screams "we give you some back as free power to keep you sweet on us because it works better than charging you less in the first place".

The other trick is status categories. A friend told me the story of a TrustPower customer who was sure she was getting the best deal because she was a loyal customer with Platinum status and was really bummed when she went on What's my number and found she could save more than $700 every year by switching to the best deal (even after taking the lines company rebate into account).

Theclaytons

203 posts

Master Geek
+1 received by user: 26

#2085003 6-Sep-2018 13:04

SBQ:

Someone said here there was a weekday off-peak and all weekend at about 16c. I find the price page confusing as to what matches with what. Any idea? I'm in ChCh

Genesis Classic Plan - Variable Day and Night plan ** is off-peak pricing for weekends (9PM Friday to 7AM Monday). During week days, it's also off-peak after 9PM to 7AM overnight. Off peak price is 11.55 excluding GST, but factor the 12.5% prompt payment discount, it's 10.106 cents/kW/hr. When you sign up, ask for the $150 credit for new customers.

https://www.genesisenergy.co.nz/plans-and-pricing?productRegionId=5&subCategoryId=0&productId=1

Wifey enjoys the weekends because throughout the day she can get the laundry done, all at a low off peak pricing.

I called Genesis today and they are a scam. The pricing for Selwyn clearly states weekend rates at 11.55c/kwh (low user) on weekends but when i asked if they offer weekend rates they said they cannot for my meter. I have weekend rates with other companies so just some BS marketing on the pricing page to lure unsuspecting customers.

Switched to Flick for now until better offer comes along.

http://www.speedtest.net/result/6594768645.png

al8565

50 posts

Geek
+1 received by user: 6

#2085010 6-Sep-2018 13:15

Theclaytons:

SBQ:

Someone said here there was a weekday off-peak and all weekend at about 16c. I find the price page confusing as to what matches with what. Any idea? I'm in ChCh

Genesis Classic Plan - Variable Day and Night plan ** is off-peak pricing for weekends (9PM Friday to 7AM Monday). During week days, it's also off-peak after 9PM to 7AM overnight. Off peak price is 11.55 excluding GST, but factor the 12.5% prompt payment discount, it's 10.106 cents/kW/hr. When you sign up, ask for the $150 credit for new customers.

https://www.genesisenergy.co.nz/plans-and-pricing?productRegionId=5&subCategoryId=0&productId=1

Wifey enjoys the weekends because throughout the day she can get the laundry done, all at a low off peak pricing.

I called Genesis today and they are a scam. The pricing for Selwyn clearly states weekend rates at 11.55c/kwh (low user) on weekends but when i asked if they offer weekend rates they said they cannot for my meter. I have weekend rates with other companies so just some BS marketing on the pricing page to lure unsuspecting customers.

Switched to Flick for now until better offer comes along.

I got a similar story from Genesis, how I would have to change my meter. Maybe that is true, but seems daft when Flick and Electric Kiwi can work out my power usage per 30 mins.

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