SMARTESTENERGY LIMITED

5days for wholesale power/gas invoice settlement
10days for power purchase invoice settlement
14days for certain industry costs settlement
30days for operating and capital expenditure purchases

"SmartestEnergy Ltd operates a daily payment run and captures all undisputed invoices due for payment in 3+ days time.
Payments are generally made by BACS and suppliers receive payment within 3 days from the day of payment approval.
When any invoice becomes overdue (following a dispute resolution or for operational reasons) and it is approved for payment, it will be settled via CHAPS to reduce number of overdue days.
Some key suppliers have a mandatory payment method of Direct Debit. These suppliers are always paid per contractual payment terms, whether invoices are in dispute or not.
Our average agreed payment terms of 15 days with an actual of 15 days clearly demonstrates SmartestEnergy Ltd pays its suppliers on a timely basis."

Invoices related to wholesale power/gas settlement, power purchase, operating and capital expenditure
Invoices are matched to a purchase order/billing document on receipt.
Should the invoice and order/billing document not match, the AP Accounts Assistant will liaise with the relevant settlement team to confirm the correct information and work with the supplier to enable the correct payment to be made.
In the event the AP Accounts Assistant is not able to agree with the supplier, the dispute is escalated to a Customer Service Executive.
Should the payment query still not be resolved, it will be referred to our VP Finance for further consideration.
Upon resolution the invoice is placed on the next available payment run.
Remittance advices are sent via e-mail to each supplier. This is in order for the supplier to match the payment received against the same invoices as SmartestEnergy Ltd has matched to and avoid disputes about mis-matching of payments.
Invoices related to Electricity and Gas industry charges
Per industry requirement all Electricity and Gas industry settlement costs must be settled regardless whether SmartestEnergy disagrees with invoiced values at the time invoice falls due for payment.
Several such suppliers are paid via a mandatory Direct Debit payment method that operates on our corporate bank account.
There is a separate formal industry cost dispute resolution process in place, which is taken care of by the Supplier Management team. Any amounts in dispute that are resolved, are settled as part of the following invoicing/credit note cycle. These disputes therefore do not affect payment terms.
In an event of invoice payment query our Accounts Payable team can assist by contacting them on the following email or phone:
back-office@smartestenergy.com
Phone 01473 234946