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What Your Business Needs to Know About P272 Legislation
All businesses who have electricity meters meeting the 05 to 08 profile will need to know about P272, if they already haven’t done so.
That’s because on 1 April 2017, large electricity users have had to switch to a meter that’s more efficient and delivers accurate bills.
The legislation was brought in by Ofgem and all firms have now switched across, regardless of the energy supplier they use.
Essentially, the meter upgrade will see your half-hourly electricity usage being sent to your provider so there’s no need for estimated bills.
These meters, they are also known as HH meters, should have been installed for all firms affected by the legislation and, if not, then you need to contact your current provider and have this rectified.
Big attraction for the P272 legislation
The big attraction for the P272 legislation is that the data generated by the meter can be used by the firm to source a cheaper supplier to meet their electricity needs.
That’s because a potential new provider can utilise the information generated by the meter to find out when your peak periods of usage are and then tailor an offer to better meet your requirements.
Your business can also use software to analyse its electricity usage to see where you can make savings by lowering usage levels and some electricity suppliers may also offer a consultancy service to do this for you and help you enjoy larger savings over a longer period.
More than 100,000 firms have been affected by the P272 legislation which means that when their current provider contacts them with details of their next year’s contract means they have access to the details necessary for switching to a new supplier.
Accessing cheaper bills with a new provider
It’s this opportunity of accessing cheaper bills with a new provider that was one of the reasons the P272 changes were introduced.
Unfortunately, one government survey has highlighted that around 40% of firms in the UK have never bothered switching their electricity supplier so they are probably paying over the odds for their electricity needs.
And since all firms and organisations will be requiring electricity for their everyday activities, it makes sense that this utility should be appraised every year as this is an excellent way to help lower overheads also.
If you and your business would like to know more about the P272 legislation and the impact it has had on helping to deliver cheaper electricity bills, then it’s time to contact the team at D-Energi.