Fees - Introduction
This page outlines how Magnetic North Energy receive payment for our services. Magnetic North Energy offer an initial discussion without charge at which we will describe our services more fully. We provide a no obligation tender exercise, and there is no cost implication should you not wish to proceed.
For more information on how Third-Party Intermediaries (TPI’s) operate, Ofgem have published guidance:
https://www.ofgem.gov.uk/publications-and-updates/third-party-intermediaries-what-your-business-needs-know
Fees – Management Fee
For procurement services, Magnetic North Energy will charge a management fee capped at £0.015 ppu, and the final management fee charged will depend upon the annual consumption, meter size, credit position, wholesale market movement, chosen supplier margin position, and term length.
Source – Ofgem
The amount you pay will fluctuate with the consumption; if your consumption increases the amount you pay us will also increase and if your consumption falls the amount you pay us will reduce.
The management fee will be paid directly to the energy supplier with whom we arrange the contract at your request. The management fee will then be paid to Magnetic North Energy by the energy supplier.
Magnetic North Energy reserves the right to waive the management fee at our discretion. Our liability shall be limited to the annual fee earned by Magnetic North Energy for the provision of the procurement service.
Ad Hoc Charges
Our fee for Ad-Hoc works is £450/day. We will provide an estimate before commencing work and will not exceed an agreed amount without confirmation.
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