FIRST HYDRO COMPANY
Company number: 02444277
Reporting period:
1 January 2026 to 30 June 2026
Report filed on:
14 July 2026
Approved by:
Simon Bateman
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? Yes
Payment statistics
Average time taken to pay invoices: 21 days
Total value paid:
- within 30 days: £57,271,575 (77%)
- in 31 to 60 days: £14,941,454 (20%)
- in 61 days or more: £2,436,229 (3%)
Invoices paid:
- within 30 days: 84%
- in 31 to 60 days: 11%
- in 61 days or more: 5%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £18,206,081
- payments due in the reporting period which have not been paid within the agreed period: 17%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
21 days
Longest standard payment period
61 days
Standard payment terms
i. the business’ standard payment terms, which must include: Electricity trading related invoices are paid in accordance with the timescales set out in the GTMA.
a. the standard contractual length of time for payment of invoices
For supplies of goods and services to the power stations and visitor centre, small &/or local suppliers, are paid within 21 days of receipt of a valid invoice.
b. maximum contractual payment period and any changes to the standard payment terms in the reporting period
All other suppliers are paid within 28 days of receipt of a valid invoice, unless specific alternative terms have been agreed at the contracting stage.
c. how suppliers have been notified or consulted on these changes
There has been no change to these terms during the reporting period.
All invoices should be sent directly to the Finance Department at Dinorwig Power Station.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
61 days
No further comment provided
Any other information about payment terms
No further comment provided
Retention clauses
How does this business use retention clauses?
Retention clauses are used in specific circumstances:
Retention clauses are included only where considered appropriate due to the nature, complexity, risk profile, or value of the works being undertaken. The use of retention is assessed on a contract-by-contract basis and may be applied to provide security for the satisfactory completion of works and the rectification of defects during the defects liability period. Retention provisions are not automatically included in all construction contracts and are used only where commercially justified and agreed between the parties.
Does this business only use retention clauses in construction contracts above a specific contract sum?
No
Does this business use a standard percentage rate in retention clauses?
No
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
No
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Retention monies are released in accordance with the terms of the relevant construction contract. Where retention is held, the retained amount is released as a single payment once all contractual obligations have been satisfied, the works have been completed to the required standard, and any applicable defects or outstanding issues have been resolved. Release of retention is subject to verification that all conditions for release under the contract have been met.
Is the money released in stages?
No
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
0%
Amount retained stated as a percentage of the total construction payments made by this business
0%
Dispute resolution process
ii. the business’ process for resolving disputes related to payment
Any disputes are notified to suppliers on receipt of invoice. Invoices are treated as valid and passed for payment within the timescales above when the issues have been resolved.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No