SWM as an electricity company?

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My electricity company (Stromio) went under on the 21st (just told us today).

 

I had a quick google and Ostrom looks good, but SWM is the cheapest (they said so on the phone 🤣). This seems… odd? 
 

Any comments about them? 
 

I’m a standard single person and I use about 1400 kWH a year based on past meter readings. I got a refund of 4€ last year. 

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I use SWM (Stadtwerke München) myself, they always had fair prices and good communication and service. I might have saved a bit elsewhere, but 20 odd Euros weren't worth the hassle to me.

These guys won't suddenly go under, even in these times of crazy prices.

While checking on their page, I noticed they had an app to track power usage - need to try that out if it's any good.

 

Regardless of where you go, brace for impact - power prices are exploding everywhere.

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Thanks for the help and the check24 site. I used it, but they don’t give you all comparisons. So I searched Reddit for names and have been comparing kWh between different companies. 
 

SWM does have the lowest, but I’m not sure if I should get locked into a contract now with another energy company if prices go crazy. I heard someone say that prices are going crazy this week, but they will calm down. I don’t think that will happen. 
 

So do I get into a contract now with a higher price than SWM as a guaranteed price per kWh or wait and see what happens? 

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12 minutes ago, klingklang77 said:

So do I get into a contract now with a higher price than SWM as a guaranteed price per kWh or wait and see what happens? 

 

If you go for a higher fixed price and energy prices do go crazy won't you be running the risk for little gain and possibly a loss that the new supplier will not be able to honour their contracts and also goes broke?

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17 hours ago, keith2011 said:

 

If you go for a higher fixed price and energy prices do go crazy won't you be running the risk for little gain and possibly a loss that the new supplier will not be able to honour their contracts and also goes broke?


Yeah, that, too. Plus many reasonably priced companies have now stopped taking new customers. 
 

at the moment SWM is the cheapest at 29,39 ct/kWh and 10,50 Euro Grundversorgung. I’m not sure about if SWM has more Grundversorgung; my notes are messy. This seems to be the best price for me. 
 

I’m so angry. I had a better guaranteed rate. Then, bam, I received an email that they had already cancelled my contract 7 days prior. I don’t even know how my payment for this month is being processed as I paid for 31 days and got 21. I want to stop the SEPA for next month (if they have the balls to try and take out money next month), but my bank told me to call Stromio, which, surprise, surprise, they are not able to be contacted. I can still contest it, though. 
 

Staying on SWM now. Waiting to see what package they offer me through mail. 

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I have to confess I have for a long time been concerned about how this quasi competition in the energy retail industry is working. As I understand it the energy retail companies get a bulk/ wholesale price which they sell on at a higher price to their customers which is a typical business model, however in that model the retailer would be adding value for example a shop and or customer service that the manufacturer/distributor did not or could not offer and therefore stays out of the retail market. In the energy market though the retail suppliers are in competition with the manufacturer/distributor and it is difficult to understand what value they add, if you switch supplier the gas and electricity does not come from somewhere else nor does it use different pipes and cables. It is a phoney attempt to offer competition in the supply of utilities with the result that there is an unnecessary level in the supply chain that adds no value but results in a inflated price to the end user. If a wholesale price is available why aren't we all getting it rather than paying extra to a middleman or a "retail" price direct from the manufacturer/distributor?

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2 hours ago, keith2011 said:

I have to confess I have for a long time been concerned about how this quasi competition in the energy retail industry is working. As I understand it the energy retail companies get a bulk/ wholesale price which they sell on at a higher price to their customers which is a typical business model, however in that model the retailer would be adding value for example a shop and or customer service that the manufacturer/distributor did not or could not offer and therefore stays out of the retail market. In the energy market though the retail suppliers are in competition with the manufacturer/distributor and it is difficult to understand what value they add, if you switch supplier the gas and electricity does not come from somewhere else nor does it use different pipes and cables. It is a phoney attempt to offer competition in the supply of utilities with the result that there is an unnecessary level in the supply chain that adds no value but results in a inflated price to the end user. If a wholesale price is available why aren't we all getting it rather than paying extra to a middleman or a "retail" price direct from the manufacturer/distributor?


Well, yeah. I don’t understand it completely and find it crazy that one can choose an electric company. I come from a place where you don’t get a choice (LIPA, Lilco, etc.). 
 

I think this is the end of choice of electricity. They do not have the power (excuse the pun) to go on like this. More people will be on Stadtwerke in the future. More companies will soon go under. 
 

That’s just my opinion and I really know FA about electricity. The one thing I found a bit of a worry is that other Stadtwerke cannot produce all the offers they usually do. That worries me. 

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Check that Stromio actually has gone under. In the news the last night there was a stromio customer and the Verbraucherzentrale looked into the case.

Stromio just decided to no longer honor the contract, but did not declare bankrupcy.

They can't do that. You have grounds to take them to court. Rechtschutzversicherung.

 

https://www.augsburger-allgemeine.de/wirtschaft/energie-verbraucherzentrale-haelt-lieferstopp-von-strom-und-gas-fuer-rechtswidrig-id61375356.html

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1 hour ago, mako1 said:

In the news the last night there was a stromio customer and the Verbraucherzentrale looked into the case.

I was reading about that too, as my gas provider (gas.de) has done the same thing to us. If you go to the following link, you will see further links to some template letters (free of charge) for you to claim damages if the subsequent supplier is more expensive. Two of the templates are specific to former Stromio customers.

Strom- und Gasanbieter stellen kurzfristig Belieferung ein | Verbraucherzentrale NRW

 

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