When your business electricity contract comes up for renewal, the first question is usually about price. What is the new unit rate, and how does it compare with what you pay now?

That remains important. But changes to how electricity use is measured and accounted for mean another question deserves attention: when does your business use its electricity?

For a bakery, restaurant, garage or office, the answer can look very different. Understanding that pattern can help you assess the options available at renewal – and ask better questions before committing.

What is changing?

Great Britain’s electricity market is moving to Market-wide Half-Hourly Settlement, usually shortened to MHHS.

Settlement is the process the electricity industry uses to reconcile the electricity suppliers buy with the electricity their customers consume. The reforms enable wider use of half-hourly consumption data, giving suppliers a more accurate picture of when electricity is used.

Elexon’s published timetable includes a supplier-readiness milestone on 28 October 2026, with meter migration scheduled to finish on 7 May 2027. These are industry milestones, rather than a requirement for every business to sign a new electricity contract in October.

One intended benefit is to encourage suppliers to offer tariffs and services that reward more flexible electricity use. However, the changes do not automatically put your business on a time-of-use tariff or guarantee a lower bill. Your contract, meter, available tariffs and operating patterns still matter.

If your renewal is approaching, here are seven questions worth asking.

1. What does our actual electricity use look like?

An annual consumption figure tells you how much electricity your business uses. It does not show whether most of that consumption happens during opening hours, overnight or in short bursts.

Ask your supplier or energy consultant:

• Is half-hourly consumption data available for our premises?
• Can we see a breakdown by time of day and day of the week?
• Are there gaps or estimated readings in that data?
• Does the quote reflect our actual usage pattern?

Use the information to question anything unexpected. If consumption stays high when the premises are closed, investigate what remains running and whether it needs to.

The aim is to understand the business behind the bill before choosing the next contract.

2. Does our meter need any action?

Do not assume the market changes mean you need to replace your meter immediately.

Ask your supplier to confirm whether your supply has migrated to the new arrangements, whether your existing meter is suitable, and whether any work is required.

If an appointment or equipment change is proposed, ask what it involves, whether there will be a charge and whether it could interrupt trading.

Getting those answers in writing gives you something concrete to plan around.

3. Would a time-of-use tariff suit how we operate?

A time-of-use tariff charges different prices during specified periods. Its value depends on how much electricity you use in each period and how much flexibility you genuinely have.

Consider two hypothetical businesses.

A bakery might be able to adjust the timing of some preparation or equipment use, provided production and staffing still work. A restaurant may have much less flexibility because cooking demand follows customer bookings.

For either business, a cheaper off-peak rate is only part of the calculation. Ask for a comparison using your actual consumption, including the cost during more expensive periods.

Then consider the operational consequences. Moving a task to a different hour may require extra staffing or affect service. Any electricity saving needs to outweigh those costs.

4. What is fixed, and what could still change?

Before accepting a fixed-price offer, ask exactly which elements are fixed.

Business electricity quotes may use different structures. Some include costs within the quoted rate; others allow specified charges to pass through or change during the contract. Through our trusted partners, we identify fixed, flexible and pass-through options, with different exposure to changing cost elements.

Ask for a clear explanation of:

• The unit rate and standing charge
• Any separate metering or service charges
• Any network or other costs that can change
• The circumstances in which the supplier can revise charges
• Any broker fees or commission included in the price

Request an estimated annual cost based on the same consumption assumptions for each quote. A lower headline rate is difficult to assess if the offers include different things.

5. How well does the contract fit our plans?

Your electricity needs may change before the contract ends.

Perhaps you are extending opening hours, adding refrigeration, replacing machinery or introducing electric-vehicle charging. You may also be considering a move to different premises.

Explain those plans before requesting quotes. Ask how the proposed contract handles changes in consumption, what happens if you move or close the site, and whether there are relevant volume conditions or additional charges.

Compare the commitment with the period for which you can reasonably predict your business’s needs. Price matters, but so does having terms you understand and can work within.

6. What happens when our current contract ends?

Check your current agreement before focusing entirely on the new one.

Confirm the end date, any notice requirements, the process for switching and the rates or arrangements that apply if you take no action.

Ofgem advises businesses to check whether a contract will renew automatically or move onto out-of-contract or deemed rates. It also warns that business energy contracts do not have a cooling-off period after agreement, making it important to understand the terms beforehand.

Start the review with enough time to resolve questions. An approaching deadline should not be the reason you accept terms you have not understood.

7. Who will help if something goes wrong?

A contract is also a service relationship.

Before choosing, ask who will handle billing queries, meter-data problems and the switch itself. Find out whether you will have access to a usage portal, how errors are escalated and what support continues after the contract starts.

If you use a broker or consultant, clarify which suppliers they compare, how they are paid and precisely what they will manage on your behalf.

Keep the quote, contract and written answers together so you can refer back to what was agreed.

What to gather before requesting quotes

A useful starting pack includes:

• A recent electricity bill and your supply’s MPAN
• Your current contract, end date and notice terms
• Your annual consumption and any available half-hourly data
• Your opening hours and seasonal trading patterns
• Details of planned equipment, staffing or premises changes

With that information, the discussion can move beyond a headline price towards a contract that reflects how your business operates.

How FinCova can help

Through our partnerships, FinCova helps businesses explore energy contracts and review their utility requirements.

Whether your renewal is approaching or you want to understand your current arrangements, we can help review your needs and explain the available options. You decide whether to proceed.

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