（转贴）Consumer: Is a fixed-term power plan value for money?

NewLynnHse

http://www.consumer.org.nz/news/view/mercurys-fixed-term-plan

One of Consumer’s central Auckland members signed up to Mercury Energy's Three Year Fixed power plan in March 2011. The plan locked him into a fixed price for electricity for three years.

Initially, our member was charged a higher rate for his electricity – about 9 percent above existing tariffs. But he banked on Mercury's standard rates soaring much higher over the three-year period.

That was a reasonable assumption. Domestic electricity prices have been climbing relentlessly. Mercury's standard prices in Auckland have increased by 15 percent over the last three years. So a fixed-term plan is a good move, right?

Not necessarily.

Based on our member's power bill, the size of his household and Mercury's rates, we estimate he paid an extra $240 in the first year. He saved $10 in the second year. To break even, he needs to save $230 over the third year. But we calculate he'll pay an extra $160.

One reason for this is that Vector, Auckland's lines company, has been forced to drop its prices. Our member's fixed-term plan means he won't benefit from the one-off reduction in lines charges being passed on to most of Mercury's residential customers.

To compensate, Mercury has offered its fixed-term plan customers a year's extension. But we don't think the offer is of much benefit to our member. After three years, we calculate he'll have already paid $390 above standard rates. It's a big gamble to assume he'll recoup this in year four.

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zyan024

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