P272 was a mandatory industry change brought in in 2017, which affected the way in which energy consumption is settled for those whose electricity meters fall into profile classes 5-8.
The regulation stipulates that automatic meter reading (AMR) meters, with profile classes 5 - 8, will be settled on actual half hourly consumption rather than a pre-determined industry forecast. The settlement process is where the volume of electricity is allocated out to energy suppliers
The principle behind the P272 is that it will allow suppliers to price future contracts based on the actual consumption pattern rather than a generalised allocated volume of energy.
Does P272 apply to my business?
If your profile class is 5-8 and you have an advanced meter installed then yes, it applies to you. However, this has been the case since April 2014 and energy suppliers have been taking reasonable steps to ensure the meter is changed.
You can find out if this applies to you by looking at your MPAN – if the first two-digit numbers in the box to the right of the ‘S’ is one of the following then the changes will apply: “05, 06, 07 or 08’.
It is not possible to change the profile class of your business from 5-8 to 3-4 and you cannot opt out of being half-hourly settled.
Does P272 mean that you need a new meter?
No, due to your profile class you should already have an advanced meter in place, and you won’t require a new business meter. This means that the supplier will need to make the changes in order to bill you half hourly.
You don’t need to have a new meter installed on your premises or do anything in fact! Your supplier is fully responsible for implementing P272 and should have already got in touch with you. If you do fall into profile class 5-8 and still aren’t being billed half hourly, then it is worth getting in touch with your supplier to understand why.