That’s correct, but most schemes will take a cut as commission, mostly around 20% and you’ll get 80% of it.

Be warned that those who give you 100% of it are probably using YOU as the product and making money out of your data instead. Those that take a cut of the cash are less likely to sell your data to recoup their costs.

Sorry, not really convinced for the following reasons:

1. Apparently, the National Grid are paying a MINIMUM of £3 per unit.  Do we still get £2.40 per unit, if they are paying OVO more than this minimum for a particular event??
2. Isn’t selling customer data illegal??
3. I will probably be using a little more electricity, in total, on days that there is an event, as one of the ways I found to reduce usage during an event was to pre-heat my house a bit, and pre-cool my fridge and freezer a bit!!!  I don’t know what rate OVO pays for electricity, but I can see that the MARGINAL rate very rarely goes over 15p per unit, and has averaged about 10p per year, so far.  
4. Actually, getting £3 for something that you are only paying £2.40 for is actually a 25% profit rate!!!  I’m a Mathematician!!!  

Rgds,

         Steve

If the amount you get is 80% of what the scheme provider gets, then if they received £6 per kWh, you’d get 80% of that £6 and they’d keep the other 20%. Keep in mind that the cut taken varies based on several factors, such as which provider you choose.

If the one you have is evil enough to swallow a 90% commission, you’d get barely anything.

It is illegal for energy suppliers to sell your data, that’s true. But that doesn’t stop third parties from doing so that you authorise to access your data - they can potentially do whatever they want with it. Always read the small print!

After all, Facebook makes an absolute fortune out of selling your data to advertisers, yet no-one moans about it…

Are you saying that OVO will pay 80% of £6, i.e. £4.80, if the National Grid pays OVO £6???  That would be better than what I understood by the info I saw!!!

      Rgds,

                Steve

PS  I’m not on Facebook!!  For various reasons, including their very lax data procedures!!!

Correct. Based on what I know, OVO Power Move Plus retains a 20% commission and you get the other 80% paid to you.

So Ovo get a payment,  provide customers with the means to share in it and in return keep a percentage.  Seems fair enough to me.

I know the electricity companies have had their problems, but in general I think their profits are excessive, and so does the government, which is considering windfall taxes on them.  I’ve just looked back and standing charges used to be about 25p a day, with units costing us about 15p, which they (as far as I can tell) were paying about 5p for.  Now OVO charge us over 50p a day standing charge, units around 35p, which (as far as I can tell) cost no more than 15p.   I’d like to see somebody justify a 100% increase in both the standing charge and in (my estimated) unit profit, on an almost captive market (as all electricity companies charge about the same).   I’m not that left wing, but I really don’t see any real argument against re-nationalising the electricity industry, so that any excess profits can be used to pay for public services, or reduce taxes.  Any comments??

    Rgds,

         Steve

You are mixing up Suppliers with Generators. The ones who are making mega windfalls are Generators, not Suppliers. In actual fact, the profit margins for Suppliers are razor thin - taxing them further won’t help fix anything and will just make things worse.

As it so happens, OVO is also the only major player in the Supply market in the UK without any generation capacity of its own. As a result, OVO definitely didn’t get to cash in when things went bonkers.

On the other hand - and as an example - my web design business has absolutely ludicrous profit margins. Once I cough up the £35 a month to my chosen web host for my Reseller Hosting account, I can charge my clients whatever I want and keep ALL the money beyond that monthly fee. I can instantly pay the hosting bill with just one client and break even instantly. That’s what a Generator (me) does, while the Supplier (my web host) only gets to cash in on the £35 a month I pay them and not a penny more.

Well somebody’s making a killing at our expense!!!   I wonder if anybody at OVO would be prepared to tell us how much they actually pay the generators for a unit (now and say 3 years ago)!!!  As far as I can tell the cost of generating electricity has actually come down by something like 50% since last year.  Have our prices reduced to match??

     Rgds,

             Steve

For context, some info on ovo losses in the last financial year.

https://www.cityam.com/ovo-shareholders-for-uks-fourth-biggest-energy-firm-invest-further-200m-as-profits-slump/

Not electricity suppliers, I think. On the account site’s home page, there’s a link to this page: Energy Price Cap: Everything You Need To Know | OVO Energy There you’ll see that the price suppliers can charge per unit is limited by the price cap, laid down by Ofgem. The EPC has been in place for almost five years. Ofgem also fix the daily standing charge. As far as I’m aware, there’s only one company offering to supply at a price below the EPC, and that’s tied to all sorts of conditions. 

Public services that depended on energy suppliers’ excess profits for their funding would soon run aground, as far as I can see.