The whole electricity supplier switching business is just a money spinner

Ubbquittious

We used to have just the ESB, they didn't have to worry about losing customers because their only competition was the off-the-grid lifestyle

Now we have a plethora of different companies, each with their own marketing gurus collecting handsome salaries & large advertising budgets. Also the likes of bonkers.ie are private companies, they all have to be funded by someone (the electricity providers themselves & ultimately you). Now we've landed in a situation where if you don't give your MPRN to the next bunch of shysters in the merry-go-round once a year you get fleeced due to your sign up bonuses running out. None of this serves any purpose except to keep the switching scene relevant. If companies want to inject cheaper power into the grid this could theoretically be done without any involvement of the customer. Surely these electricity companies would be better off focusing on generating cheaper electricity rather than vying for people's MPRN with temporary sign up bonuses?

Itwill be interesting to see if the UK will re-nationalise some of this stuff now that they're not obliged to foist the EU's idea of free market utopia onto the populace.

Brian Lighthouse

Ha Ha.

Sleight.

I just read an article about a 'money lender' who was passionate and determined to help small businesses. So ambitious is this firm that they even have a target of firms to help by a certain deadline. We are blessed to live in such caring times.

how they are going to reach these targets?

You make good points. The availability of choice is a good thing overall but (I just looked at Bonkers) there are 14 places to buy electricity? 14 sellers!

Rough calculation

take out the 2 main pay-as-you go ones (that I know of) =12

take out the two main producers (that I know of) = 10

There are 10 firms buying electricity and selling it on at a price that can sustain all of these firms - employ people, pay taxes etc etc.

Wow! like how much is electricity at all????

It's not like one of these firms can get a competitive edge over the other 9 by bringing in cheaper energy from China (as an example).

If we see consolidation over the next few years as 'strategic' alliances are formed and the number of operators reduce then we (consumers) can rest assured that these firms we operating on the tightest of margins, however, if we see a huge number of sellers in a few years then each and every household in this country is being fleeced.

Ben Dunne always said it, 'If you're margins are high you'll attract the vultures'.

Ger Roe

https://www.boards.ie/discussion/comment/118550098#Comment_118550098

Spot on.... open competition and de-regulation doesn't work in our small and highly ripoffable economy. From energy and broadband provision to health care, banking and all forms of insurance, we have virtually no competition and the only saving the consumer can make is to try and avoid the obvious rip off factors. No one is interested in selling you cheap anything.... giving you some limited options to avoid some obvious price hike tactics, is not the same thing as trying to drive down cost to the consumer.

Meanwhile the various regulators count the number of active providers in their various sectors and laud their achievements in attracting them in. In reality, they are only here because of what they get away with.

Brian Lighthouse

This is great point you made: "...giving you some limited options to avoid some obvious price hike tactics, is not the same thing as trying to drive down cost to the consumer."

Your reply prompted me to have a look at the regulator webpage and, well, what do you know? we're down a reseller since January 26 - 4 days ago.

https://www.cru.ie/bright-energy-exits-electricity-supply-market/

https://brightenergy.com/roi

Competition drives down prices of consumer goods,unless they are essential,

in which case irish people are then used as a endless moneypit to be squeezed for profit