P272 is a mandatory industry change that affects the way in which energy consumption is settled for those who?s electricity meters fall into profile classes 5 - 8. The regulation stipulates that AMR (automatic meter reading) meters, with profile classes 5 - 8, will be settled on actual half hourly consumption rather than a pre-determined industry forecast.
The settlement process is where the volume of electricity is allocated out to energy suppliers and the principle behind the P272 is that this will allow suppliers to price future contracts based on the actual consumption pattern rather than a generalised allocated volume of energy.
How will you know if P272 will affect you?
To find out your profile class you can take a look at your most recent electricity invoice. You will need to look for a set of 21 numbers which usually follow a capital S. In the picture above this is the first "01".
If the first two numbers fall between 05 and 08 then your meter will be affected by P272.
How will P272 change my energy costs?
The introduction of P272 will mean that energy consumption is now measured every half hour. Therefore suppliers will be able to invoice customers accurately based on the true quantity of energy and the time of the consumption.
Increased accuracy within billing means fairer costs, this may mean that for some individuals may end up having higher invoices than previously and some will experience lower invoices.
There may also be changes to how your energy bill is displayed. You may see new entries on the invoicing which will depend on the type of half hourly supply contract you opt for.
When is this all happening?
When P272 was first discussed the plan was to ensure all suppliers were compliant with P272 by 1st April 2016. However, suppliers lobbied against this date and the implementation of P272 was pushed back by 12 months with the reason that this would reduce the disruption to existing contracts. Of-gem countered this with a fast track modification (P322) which requires suppliers to submit their half hourly migration plans by the end of this month.
We are already seeing some of the offerings from suppliers filtering through our inboxes which will help minimise contract alterations on the 1st April 2017.
Will my meter need to be exchanged?
On the whole most meters won?t need to be changed as most AMR meters can be changed remotely to record the data. You will therefore only need a new meter if you do not have an AMR.
If you?d like more information on this please contact: email@example.com