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Jargon Buster

Various power providers bill in different ways, using different terminology. We wanted to provide you with our jargon buster, a list of words you might come across on your power bill.

Actual

Your bills will be based on actual meter reading when the data from your meter will have been read – by a meter reader traditionally, or from your smart meter remotely by an energy provider. 

Daily Charge

There is a fixed charge, which is reflected in your bill. It is calculated as "cents per day". Your daily electricity use doesn’t affect the amount you pay. You may come across a term “daily charges” as “fixed charges” too

Electricity Authority Levy Cost

This cost is included in your bill. This fee funds the Electricity Authority work, which regulates the electricity industry. The amount depends on how much electricity you use. 

Estimate

Estimated reading takes place if during your billing period your meter data hasn’t been collected. It's happening less frequently now because more homes equipped with smart meters, and its data can be remotely read. 

Fixed Charge

This part of your bill is also calculated as "cents per day". Your charge is fixed regardless of the amount of electricity you use. You may come across a term “fixed charges” as “daily charges” too.

ICP

Referred to as installation control point. This number is used to identify every connection to the electricity network. Each house has a unique ICP number. It is linked directly to a property, not a person.

Kilowatt-hours (kWh)

This unit is used for measuring the amount of electricity used. You may come across units used in some bills instead of kilowatt-hours.

Meter

It measures and records the amount of electricity you use. A serial number of your type of meter is included in your bill. You may have more than one meter installed in your house.

Pricing Plan

You and your electricity retailer agree upon a deal for your electricity plan. They usually depend on the amount of electricity and times you use it. You may have different pricing plans depending on a type of meter you use, as well as your chosen payment method.

Tariff

It’s a pricing structure you chose with your power provider. Across the power industry, there are numerous tariff plans and types. Power Compare helps you choose the best tariff that fits your needs and budget.

 

We hope that this energy term jargon buster has helped... if you need more input or advice call the team or drop us an email - all the contact details here.