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OT Loading up a leccy key to beat price rise?



Spun Cuppa

Thanks Greens :(
Hi all. A friend of mine is thinking of charging up her key with six months leccy before the price rise. My query is will the meter be altered to go to the new rate when her key is charged *before the increase comes into effect? Ta in advance :)
 


Goldstone1976

We Got Calde in!!
Helpful Moderator
NSC Patreon
Apr 30, 2013
13,765
Herts
Purely as a guess, I would imagine that the key will be charged at the current rate until the price rise comes into effect, then will be charged at the new, higher rate from that date. Aren't keys essentially the same as e-cash at the AMEX? You're just pre-loading cash onto something that is then charged at the then going rate?
 


dougdeep

New member
May 9, 2004
37,732
SUNNY SEAFORD
Isn't it the most expensive way to pay though?
 


Spun Cuppa

Thanks Greens :(
My concern is when the key is charged at the current lower rate, a 'bomb' will be put on the key, so when it is next put in the meter, it will programme it to charge the higher price from December 1st?
 








EDS

Banned
Nov 11, 2012
2,040
You are not paying in advance as such. Think of it as you are buying phone credit and not a prepaid bundle. You are not paying for 500kw of electricity but rather loading £50 onto your key, today KW's may cost £1 each so you will get fifty at the current price but tomorrow the price may rise to £2 per KW so will only get 25.
 






nordicgod

Top banana
Jul 21, 2011
885
polegate
Told today by eon that keys and direct debits are charged at the same rate no difference at all
 


Ludensian Gull

Well-known member
Apr 18, 2009
3,651
Thorpness Suffolk
We have a key meter and there is no diffrence in pricing . Some people such as us move to a property with a meter installed and find it easier to pay as you go so to speak .
 






ElectricNaz

Well-known member
Jan 23, 2013
814
Hampshire
As said above, no matter how much credit you load onto your Key / Prepayment card, you'll be charged at the relevant unit rate dependent on your supplier. I don't believe anyone offers a fixed tariff for pre-payment customers, so your rates will increase if your suppliers announced a price rise.

In terms of pricing, I believe thanks to OFGEMs retail market review, Prepayment and Credit unit rates are the same, but some companies (maybe all) actually now charge a higher standing charge (as of the date price rises will come into effect) due to the increased cost of running and maintaining a Pre-Payment meter. I'd look into this.

Some companies (I know British Gas definitely do) will change your Pre-payment meter to a credit meter for free (subject to a credit check) if you do notice a significant difference in standing charge costs. However I know other companies can charge anything upto around £60 for this service.
 


severnside gull

Well-known member
May 16, 2007
24,540
By the seaside in West Somerset
we moved in to a property with a pre-payment meter and have been quoted £50 to change to direct debit. Given that previously our DD's seemed to be creeping upwards at a higher rate than the fuel price rises and as there is a certain convenience to knowing you neither owe anything nor are you building up credits in the supplier's account rather than your own, we have stayed with the meter.

Given the confusion of rates I suspect we are not necessarily any worse off as long as the standing charges stay generally in line. Due to review it in January when all the increases have gone through and we can assess what's what.

As to the original question, there is no advantage in pre-loading to beat price increases. We load up as needed when we do the shopping
 
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Westdene Seagull

aka Cap'n Carl Firecrotch
NSC Patreon
Oct 27, 2003
20,938
The arse end of Hangleton
Told today by eon that keys and direct debits are charged at the same rate no difference at all

You may well be right when comparing it to the standard tariff but when compared to the fixed rates a key holder will pay more.
 
















Spun Cuppa

Thanks Greens :(
I've just checked my friend's meter, and it is still showing the pre-price rise rate and standing charge, meaning she now has four months cheap(er) leccy :)
 



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