How does ENGIE Tracker work?

With the ENGIE Tracker, your total unit rate is made up of fixed and variable costs.

The fixed part of your unit rate is a set price and will not change throughout your contract.

The variable part of your unit rate will change on a monthly basis depending on energy market price movements. This means it will rise and fall as wholesale energy prices change. This may sound similar to a typical variable tariff, but with the ENGIE Tracker plan there are a couple of differences:

 

  • We’ll update your unit rate every month – when energy prices fall, we don’t stall while you are paying a higher price, we pass the savings straight on to you. When the prices rise, your bills will also reflect that change.

 

  • Don’t worry about your prices going sky high, we cap your total unit rate to protect you from unusually high energy market price increases.

 

The variable part of your rate is taken from ICIS price assessments, which closely track the energy market to give you accurate and fair pricing. This rate is updated on a monthly basis so you’re up to date with current pricing. For further information about ICIS, please click https://www.icis.com/engie-tracker/.

It’s that simple. Fair, transparent pricing that provides you with all the information needed, so you know that you’re getting a great deal.

It’s important that you supply us with monthly meter reads to make sure your monthly bill is accurate. We’ll send you a reminder each month, to provide us with your reads.

We are currently in the process of rolling out smart meter capabilities. If you are an ENGIE Tracker customer we’ll contact you in the future about upgrading to a smart meter.

This product is not available on non-standard meter types such as Economy 7 and Economy 10.

Your unit rate explained

The rate you are charged for your energy is made up of both ‘fixed’ and ‘variable’ costs.

The fixed part of your unit rate is exactly as it sounds, fixed for the length of your contract. It is made up of costs associated with us getting the energy to you, like transport, network charges and renewable subsidies etc.

The variable part of your unit rate is the cost of the actual energy. This is reflective of the price that gas and electricity is being sold at on the energy wholesale markets and so is open to fluctuations in value.  

With the Tracker plan, this variable unit rate can go up or down monthly, as the energy market changes.

 

For more information about ENGIE Tracker, check out the Tracker FAQs below.

How do we calculate your variable unit rate?

Every day billions of pounds worth of energy is traded on the energy markets. ICIS track trading activity on the energy market and report average prices on a daily basis.

We then use this information to calculate a monthly average, this is what we use to set the variable part of your unit rate each month.

Example of how we calculate your variable unit rate 

How do we calculate your rate cap?

To protect you from price spikes, we limit the amount you can be charged for each unit of energy you use – this is the ‘rate cap’.


To calculate the rate cap, we estimate the highest amount your variable unit rate might rise to during your contract and add 20% to that rate.  We combine this with your fixed rate to give us the level your rate cap is set at. Your total unit rate will never rise above this rate cap level.

Click to see the Rate cap for your region

FAQs

What is the total unit rate made up of?

The rate you are charged for your energy is made up of both ‘fixed’ and ‘variable’ costs.

The fixed part is exactly as it sounds, fixed for the length of your contract. It is made up of costs associated with us getting the energy to you, like maintenance, wires, pipes etc.

The variable part of your unit rate is the cost of the actual energy. This is reflective of the price at which gas and electricity is being sold on the open market and so is open to fluctuations in value.  

With the Tracker tariff, this variable rate can go up or down monthly, as the energy market changes.

 

How do you calculate the monthly unit rate?

Every day billions of pounds worth of energy is traded on the energy markets. ICIS track trading activity on the energy markets and report average prices on a daily basis. The wholesale price reports used for the ENGIE Tracker tariff can be found here and here.  

We then use this information to calculate a monthly average, this is what sets the variable part of your unit rate each month.

Example of how we calculate your variable unit rate

Why do energy rates change?

Energy, like gold or grain is a commodity. It is traded on the open market and depending on the state of the market, the price of energy can rise and fall. Energy can be affected by price changes in everything from crude oil to transport, so each day we see movements in energy prices on the market. 

 

Will I be exposed to market price volatility?

To protect you from unexpectedly high price increases we limit the amount your unit rate can rise to by applying a maximum ‘rate cap’.

 

How is the rate cap calculated?

To calculate the rate cap, we estimate the highest amount your variable unit rate might rise to during your contract. In the above example, the highest estimated energy price occurs in February.  We then apply 20% to the highest estimated price.  This is the highest amount we will allow your variable unit rate to rise to.  We combine this with your fixed rate to provide you with your total unit rate cap. This is designed to protect you from unusually high price increases in the energy wholesale market. We will tell you what your rate cap is in your Welcome Pack.

Click to see the Rate Cap for your region.


How do you calculate the estimated annual energy bills for Tracker customers?

To give you an idea of your annual bill, we provide you with a personal projection.

Your personal projection is based on what you’ve told us about how much energy you’ll use and our forecast price of the energy; we do this by taking your fixed prices (your standing charge and the fixed element of your unit rate) and then add a forecast for the variable element of your unit rate for each month during your contract.

 

What happens if I’m unhappy with the price I’m paying for energy on the Tracker product?

We understand you might not be happy with the tariff you’re on, it’s ok to change your mind. There are no exit fees with the Tracker tariff, so you’re free to move onto another ENGIE tariff.

 

Where can I find out the fixed and variable elements of my Unit Rate?

We provide the fixed element of your Unit Rate in your Welcome Pack together with the variable element for the first month.

We will then provide you the variable unit rate for each future month with at least 15 days notice.

Principal Terms For the ENGIE Tracker DEC 18 v3


If you’re currently on a fixed term tariff that’s due to end in the next 12 months, we’ve used your current prices and the prices you would most likely be transferred onto when your current tariff ends. This is to work out your personal projection with your current supplier and provide you with the savings/additional cost message.

We have based your personal quote on information you’ve provided to us. If we become aware this is not accurate, we will advise you of the correct prices in writing.

Key facts for the ENGIE Tracker DEC 18 v3 tariff


ENGIE’s Domestic Electricity and Gas Supply Terms and Conditions apply to the Tracker tariff. Your direct debit/ bill amount may vary depending on your gas and electric usage and changes to the kWh cost.
The ENGIE Tracker tariff has a fixed duration until the 31st December 2018.


During the term of the tariff, your unit rate will be made up of a fixed element and variable element. The variable element of the unit rate can change monthly and you will also be charged a fixed daily standing charge.
We will keep you updated via your chosen communication method at least 15 days prior to the end of the month with your revised kWh rates for the following month.


Please provide meter readings to us each month, on or just before the last day of every month. This allows us to make sure you always have the most up to date bills and if paying by Direct Debit your monthly payments are in line with your usage.

 

Around 49 days before your tariff end date, ENGIE will contact you with details of the ENGIE Roll Over tariff, which is the cheapest relevant fixed ENGIE tariff available. You will be moved automatically onto this tariff at the end of your fixed duration term, unless you choose a different tariff at this time.


If you are paying by fixed monthly direct debit, your payment amount will be based on your estimated energy usage for the next 12 months. We will review your account monthly and if your payment needs to change we will give you at least 10 working days’ notice.


If you are paying on receipt of bill, you will receive a bill every month at this point and you’ll be expected to pay the bill in full within 20 days.
You will receive a discount for having both your electricity and gas with us.


If you fail to make a payment when it’s due, we can make changes to your payment method and/or tariff, which may result in your prices increasing. If you agree to pay by direct debit but fail to do so, we may change your payment method. If we do this you will stay on the same tariff, but your unit rates will increase by 1.05p per kWh for electricity and by 0.2625p kWh for gas (each inclusive of VAT).
You will receive a £15.75 discount per fuel per year for taking paperless billing, to get this you will need to manage your account online.


If there are cheaper tariffs available you will be notified within the “Could you pay less” section on your bill. This tariff is only available on single rate meters.


If you do not pay us, we may seek to install a prepayment meter. If we install a prepayment meter, we will transfer you onto an appropriate prepayment tariff. You would then be required to pay for your energy in advance. Should we not be able to install a prepayment meter, including if you prevent us from doing so, we may seek to disconnect your supply.

 

 

Say hello to the future of energy

At ENGIE we do things differently.

We pride ourselves on giving you the best service and tools so that you can manage your energy easily.

Not only that, but we provide all this at a fixed low cost to you, guaranteed.

That's why we're confident you'll love being with us

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