Power Direct are pleased to introduce a Fixed Price, Fixed Term Electricity Buying Basket!

Q&A

What is a Buying Basket?

A buying basket is the term used when a collective of people choose to make their purchase together to increase the volumes and reduce the price.

How is the Power Direct basket different to others?

Everybody included within the basket will be making their electricity purchase on a fixed price basis. Baskets are usually put together to enable smaller consumers to benefit from buying on a flexible basis. From our experience, we have found that this often means that the electricity is purchased on a monthly basis which may or may not result in lower prices.

Power Direct’s basket would only offer a fixed price contract and would make their recommendation based on market trends and expectation. Your prices would be fixed for the duration of the contract and only subject to change if there was a change in law or to your meter.

How does it work?

On the 22nd June 2017, we will collate the prices for everyone who has initially opted into the buying basket. We will provide them with the basket price along with a price based on procuring their energy individually[1]. You would be given until 4pm[2] on the 22nd June to opt out if you are not happy with the prices sent. If you are happy to proceed Power Direct Ltd will sign the contract on your behalf.

Once the contract is signed, if you are not currently supplied by the chosen supplier, your supply will transfer to the new supplier at the end of your current contract. We will ensure that this transition is seamless by tracking that change for you.

Who can be part of the basket?

Anyone with an electricity meter with a contract end date between now and the 31st May 2018.

What are the benefits of being part of a basket?

The total amount of consumption of the group will help drive the supplier’s prices down. The suppliers would consider the consumption of the whole group rather than your individual site so you benefit from the basket price.

Additionally, Power Direct will provide you with a full contract management service throughout the duration of your contract. This will include checking your invoices on a monthly basis, resolving issues promptly ensuring the best outcome for you. We will resolve any queries and disputes that arise on your behalf. You will have a dedicated account manager and they will be your single point of contact with questions and queries and would take the lead in resolving any issues. This means that if there is a query about your electricity there is one person to call no matter how many supplies you have. Where we act to resolve queries and disputes we will keep you informed at every stage, and will set realistic deadlines and expectations for yourself and the suppliers.

Do I need to sign a contact?

On the 22nd June 2017 if you are happy to proceed as part of the buying group Power Direct will sign a contract on your behalf. You will be given until 4pm on the 22nd to opt out of the buying basket price if you did not want to proceed. If we did not hear back from you by 4pm we would assume that you have agreed the contract.

How will I know the basket price is competitive?

On the 22nd along with the basket price Power Direct will provide you with a quote that compares the recommended basket price to prices for your site if it was procured alone. This will allow you to compare the basket price offered to a quote you would usually get by buying your energy through us as a single site.

Will I receive my own bill?

Yes, once the contracts have been agreed your Account Manager will send you your own Direct Debit mandate and VAT certificate (if applicable). You will receive your invoice each month as normal before the Direct Debit amount is taken. We will provide a routine bill validation service for basket participants which means your bills will come to us first, we will check them and send them out on the same day – you can opt out of this service if you wish.

How do I join?

If you would like to join the buying basket please contact us on 01452 347549. You will be asked to sign a Letter of Authority to enable Power Direct to work on your behalf. The authority will authorise Power Direct to confirm current contract information with the suppliers and allows us to resolve queries about your supply. In addition, it enables us to gather prices from suppliers for the basket allowing us to sign the agreed contract on your behalf. The authority will allow you to opt out of the buying basket by the 4pm on the 22nd June if you decide that you do not wish to participate.

 

For further information, please do not hesitate to contact our Energy Experts.

[1] If your meter is 01-04 profiled and your ordinary renewal date would be beyond 31/10/2017 this will be an indicative price as most suppliers will not provide prices for these small consumption meters this far ahead.

[2] Until 4pm or at least 2 hours whichever is the latest.

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