Although the final implementation date for P272 is April 2017, those businesses affected may begin to see changes to their metering and billing much sooner; this will be dependant upon factors such as contract renewal date, changes of tenancy, and each supplier’s individual migration plan. A thorough understanding of P272 will allow businesses to maximize on the opportunities half-hourly billing presents. Those who are properly prepared will be able to take advantage of the new wealth of data available to gain a better insight into their energy usage, and put processes in place to mitigate any potential increases on their energy bills.
Of the estimated 160,000 meters caught by the P272 mandate, a huge 85% belong to the retail and leisure industry. However, research conducted by npower for their Energy Matters report during 2015 suggested that 80% of retailers were completely unaware of the impending changes (some even speculated that it might be a space exploration project!). So what exactly will the new balancing and settlement rules mean for retailers and how can they get the knowledge they need?
A physical change to your meter – The rollout of smart meters and their associated data links has already begun, and if you haven’t heard from your supplier about the installation of new metering equipment, it may be worth getting in touch to find out when to expect yours.
A potential change to costs – Once you have been transferred to half hourly settlement it will be important to know whether you are using large chunks of your power at peak periods, as doing so could lead to significant increases in your bill.
New MoP and DC charges – Post-P272, your bill will include charges for the services associated with maintaining and reading your meter. If you fail to appoint a MOP or DC prior to contract renewal, default agents will be appointed by your energy supplier, which could mean that you are charged more than necessary or allocated a service that doesn’t really suit your needs.
More transparent billing – Your new bill will also show how DUoS and TUoS are broken down for each invoicing period. This could present a cost-saving opportunity for those businesses who are properly prepared and informed, but it will be crucial to understand these charges if you are to take full control of your energy spend.