Electricity plan shopping

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Max
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#3014599 28-Dec-2022 16:37

Going off by this my bill at the very minimum would be at $17.7 a month, I suppose having 1 very low rate to pay is nice but being stuck in a 1 year contract. Hmm...

That's got me thinking a bit.

Ramblings from a mysterious lady who's into tech. Warning I may often create zingers.

timmmay

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#3014600 28-Dec-2022 16:41

I suspect power prices are going to keep going up until your government intervenes. If I'm right then locking in prices is a good move. If I'm wrong... well I doubt prices are going to drop heaps so not really any downside.

Rushmere

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#3014601 28-Dec-2022 16:42

MaxineN:

Going off by this my bill at the very minimum would be at $17.7 a month, I suppose having 1 very low rate to pay is nice but being stuck in a 1 year contract. Hmm...

That's got me thinking a bit.

What are the current contract exit terms? For me, I took a 2 year contract which has a $250 credit for signing up, but only $150 for exiting the contract early, so in effect, I’m not really locked in at all.

MaxineN

Max
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#3014701 28-Dec-2022 17:22

Rushmere:

What are the current contract exit terms? For me, I took a 2 year contract which has a $250 credit for signing up, but only $150 for exiting the contract early, so in effect, I’m not really locked in at all.

https://www.mercury.co.nz/terms-conditions/residential/$250-bonus-credit-2yr

$150 exit still, although with Octopus I'm not bound by anything so I could switch.

Same $150 exit applies on 1 year too.

Ramblings from a mysterious lady who's into tech. Warning I may often create zingers.

jonathan18

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#3014703 28-Dec-2022 17:27

michaelmurfy:
Meridian were not too bad but I like to stick with companies who just give you up-front cheaper rates instead of locking you into a contract.

That said, after increases twice a year for the last couple of years with EK, for a change I’m happy to be locked into a contract as at least I can be sure my rates won’t increase for two years.

As it happens, EK was still cheaper for me than any other provider, but the $200 sign-up credit with Meridian (their EV plan) made them pretty close. I’m also sick of trying to compare providers where there are too many variables to play with, so this guaranteed period of peace will be a pleasant change!

tdgeek

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#3014709 28-Dec-2022 17:49

eonsim:

Just switched to Octopus, with the ~25% price increase from EK on 1st Jan they've moved some slightly cheaper to noticeably cheaper...

As much as I like EK, the higher rates are just a bit to much...

Before I read the rest of the thread, yes, time to change. But my power is so low, no need right now. I'll wait to see what happens

tdgeek

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#3014710 28-Dec-2022 17:52

timmmay:

Good point @eonsim it's worth looking around. I asked EK if they could do anything about prices, they said no.

I used PowerSwitch to get the rates, then checked them on the vendor websites. I worked out prices based on the 30 minute charging for the past year:

EK MoveMaster: $4536
Octopus: $3970
Mercury: $3442 - 16c/kwh inc GST / levy any time, prices fixed for two years, $150 exit fee
Can anyone think why Mercury wouldn't be a good choice? Good rate, fixed for 2 years is great because power's going to keep going up, don't care about exit fee. Having the same price 24/7 would of course be more convenient.

IIRC Wasnt Mercury also a $250 credit?

TBH I haven't checked usage to ascertain the free hour of power yet. As per my previous post, power is so low, no rush

tdgeek

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#3014711 28-Dec-2022 17:55

michaelmurfy:

Mercury was one of the more expensive options for me. I'm yet to get my first bill with Octopus yet but they've been very smooth sailing so far.

Meridian were not too bad but I like to stick with companies who just give you up-front cheaper rates instead of locking you into a contract.

I 100% get that, but last time I looked (here) the overall rates were cheaper. I still need to compare Winter bills and other bills.

tdgeek

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#3014712 28-Dec-2022 18:02

michaelmurfy:

I actually wonder how many customer Electric Kiwi lost with their latest price rise. For me, it was quite substantial and think it is because I used a whole lot of free power. They're not too transparent with pricing either I found.

I do understand pricing going up but free hour aside (which was 15-20% for me) I'm saving nearly 50% with Octopus now and don't have to worry about gaming my power use.

Agree. Bear in mind, as you will already know, these are mainly billing companies. I like EK and right now my bills are low, but loyalty has a limit.Ill pull the trigger soon.

Interestingly, Ive mentioned this to friends and family. NO ONE is interested. Is it sticky or too complex? "I got a good deal 3 years ago, Im happy with that"

timmmay

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#3015132 29-Dec-2022 16:32

I signed up to Mercury online yesterday, but didn't get the emails the sign-up process said I should get - though Rushmere told me it might take a day or two. I gave Mercury 24 hours then called this afternoon - they had no record of my sign-up even though I had gone through to a confirmation page. They signed me up on the phone no problem, and I got the confirmation immediately. Maybe it had something to me being a returning customer, maybe their online systems just aren't great. So if anyone else signs up and doesn't get an email, give them a call.

I checked my 2015 bills from Mercury. For the same address I was paying $0.1705 /kwh + GST in April 2015, and I'm now on $0.1319, at the same address but fixed for two years. Seems like a good deal.

eonsim

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#3015140 29-Dec-2022 17:10

timmmay:

I checked my 2015 bills from Mercury. For the same address I was paying $0.1705 /kwh + GST in April 2015, and I'm now on $0.1319, at the same address but fixed for two years. Seems like a good deal.

Nice, but kinda shows how screwy the NZ electrical retailers are. Electricity future prices are apparently exceedingly high at the moment, independent retailers can't negotiate long term contracts for power and over the last couple of years prices (especially for third-party retailers) have continued to rise to somewhat crazy levels. None of the big gentailers have been building cheap new generation, but somehow they can offer deals to get customers that are better than what they offered 7 years ago. While the 'independent' retailers are having to raise prices by double digit percentages...

HarmLessSolutions

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#3015146 29-Dec-2022 17:35

I see the current electricity price situation as very similar to that of the telecoms industry. A few big incumbants using their dominance and might to make things as difficult as possible for any new blood to enter the game. They've recently been identified as having skimped on transmission infrastructure investment for the benefit of maintaining shareholder distributions while also thereby restricting capacity for additional solar/wind/other generation. The split generator / transmission model also plays into their hands in that the generation capacity can be brought onstream at opportune times to manipulate pricing highs away from the times that may benefit renewable generation thereby making that generation a lot less vauable.

We have 5kW of PV with another 3.5kW planned in the coming months so are hopefully insulated from the worst of what NZ's energy sector brings. Two EVs are also part of that strategy. I feel the only given is that our electricity market will continue to price itself up to levels that challenge the average consumer's budget.

The fact that our politicians continue to recognise that EVs and further electrification will place a heavy burden on the national supply grid yet pigheadedly sit on their hands rather than incentivise the public who have the means and foresight to help themselves and the nation's generating capacity by installing domestic PV proves to me where their allegiances lie, and it isn't with those who vote for them.

https://www.harmlesssolutions.co.nz/

tdgeek

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#3015167 29-Dec-2022 19:40

timmmay:

I signed up to Mercury online yesterday, but didn't get the emails the sign-up process said I should get - though Rushmere told me it might take a day or two. I gave Mercury 24 hours then called this afternoon - they had no record of my sign-up even though I had gone through to a confirmation page. They signed me up on the phone no problem, and I got the confirmation immediately. Maybe it had something to me being a returning customer, maybe their online systems just aren't great. So if anyone else signs up and doesn't get an email, give them a call.

I checked my 2015 bills from Mercury. For the same address I was paying $0.1705 /kwh + GST in April 2015, and I'm now on $0.1319, at the same address but fixed for two years. Seems like a good deal.

You got the $250 as well?

Im with EK, and with solar HW and gas, power bill is LOW, so Ill hold out and see what happens

timmmay

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#3015174 29-Dec-2022 20:06

tdgeek:

You got the $250 as well?

Im with EK, and with solar HW and gas, power bill is LOW, so Ill hold out and see what happens

Yeah, I got the sign up credit. Our power bill ranges from about $200 in summer to about $450 in winter, but we keep the house about 24 degrees. Moving to Mercury without an hour of power I'll need to do less pre-heating, plus I installed a new heat pump in my office, so I expect the bill could go down more than expected.

larknz

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#3015185 29-Dec-2022 21:06

HarmLessSolutions:
I see the current electricity price situation as very similar to that of the telecoms industry. A few big incumbants using their dominance and might to make things as difficult as possible for any new blood to enter the game. They've recently been identified as having skimped on transmission infrastructure investment for the benefit of maintaining shareholder distributions while also thereby restricting capacity for additional solar/wind/other generation. The split generator / transmission model also plays into their hands in that the generation capacity can be brought onstream at opportune times to manipulate pricing highs away from the times that may benefit renewable generation thereby making that generation a lot less vauable.

We have 5kW of PV with another 3.5kW planned in the coming months so are hopefully insulated from the worst of what NZ's energy sector brings. Two EVs are also part of that strategy. I feel the only given is that our electricity market will continue to price itself up to levels that challenge the average consumer's budget.

The fact that our politicians continue to recognise that EVs and further electrification will place a heavy burden on the national supply grid yet pigheadedly sit on their hands rather than incentivise the public who have the means and foresight to help themselves and the nation's generating capacity by installing domestic PV proves to me where their allegiances lie, and it isn't with those who vote for them.

You can't blame the gentailers for under investment in the grid. Operation of the grid is the sole responsibility of Transpower who are an SOE wholly owned by the government. However I believe that generation should be separated from retailing to improve transparency in the retail market.

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