March 4, 2016
Consumer group, Which? have asked regulators to make it easier for households to switch energy suppliers, claiming millions are paying up to £400 too much.
This is despite Energy Regulator, OFGEM, releasing figures last week that state the number of UK households switching their energy provider rose by 15% in 2015.
OFGEM say that 6.1m gas and electricity accounts had been transferred during the year - about 820,421 more than in 2014.
Although the figures show that competition in the market is improving, Which? Say that 71% of gas customers are on standard tariffs and 88% of households remained with the big six despite growth in smaller, independent suppliers - 37 firms in total, according to the Government.
Rachel Fletcher, OFGEM senior partner said:
"It's encouraging to see switching levels at their highest level for four years. With more than 30 suppliers active in the energy market and hundreds of pounds of savings to be made, it's a great opportunity to shop around."
Which? executive director Richard Lloyd said:
"Millions of people are still paying way over the odds for their energy, and levels of switching, while increasing, are still woefully low.
We would urge all consumers, especially those on a standard tariff with the Big Six, to switch to a cheaper deal today.
The stakes are high for the outcome of the energy market investigation and consumers will be expecting action to protect the most vulnerable and bring about fairer energy prices."
Which? Are right. Households throughout the UK would benefit from switching energy supplier. If you are on a Standard Tariff then you will be paying more than you have to for your energy. Seriously, check it out for yourself here. It's quick, easy and you could make a substantial saving.
Posted on March 4, 2016 at 03:28 PM