May 17, 2016
The amount of households switching their energy supply has surpassed 400,000 for the third month in a row, with 438,166 switches in April. This brings the number of switches for year to date to over 1.5 million.
April figures show the number of switches to small and mid-tier suppliers has remained consistent with 43% of switches last month.
Lawrence Slade, Chief Executive of Energy UK, said:
"It is great to see electricity switching is becoming more common practice among customers, with switching once again surpassing 400,000. This shows customers are taking advantage of the number of deals on offer from the 40 suppliers in the market, as they continue to fight for customers.
Customers should feel confident switching as suppliers have worked hard to ensure the process is hassle-free for all."
In April 2016, of all switches:
• 37% were between larger suppliers
• 43% were from larger to small and mid-tier suppliers
• 10% were from small and mid-tier to larger suppliers
• 9% were between small and mid-tier suppliers
In April the net gain by small and mid-tier suppliers was 145,737, this is 33% of all switches. This is in line with the previous month, where small and mid-tier suppliers also had a 33% net gain.
Looking to switch your energy supplier? Energylinx provide a free and impartial comparison and switching service. Visit www.energylinx.co.uk or give one of our friendly advisers a call on 01259 220000.
Posted on May 17, 2016 at 03:58 PM
May 10, 2016
It is estimated that 11 million households are in credit with their energy supplier. The amount owed? A staggering £1.5 billion! It is believed that as much as one in ten are owed over £200.
My Energy Credit launched back in September 2014 to help tackle the amount of money energy suppliers had never paid back previous customers. All of the "Big Six" energy suppliers signed up. My Energy Credit helps people who haven't given a final meter reading or address when they moved or switched supplier. No matter how long has passed, legitimate claims will always be refunded. The average credit balance is around £50.
Reclaiming any possible credit is easier than ever before as energy regulator, OFGEM, has implemented new rules forcing suppliers to reimburse you if you ask - unless there is a good reason not to do so.
Energy UK, the trade association for the UK energy industry, issued a statement on the amount of credit that is hold to UK households by energy suppliers.
Lawrence Slade, chief executive of Energy UK, said:
"Energy companies have traced customers who have left behind credit balances and returned tens of millions of pounds over the past 18 months. It is impossible to give an exact figure for the amount of money currently owed to customers. Companies return money daily and, with around 400,000 households switching every month and more moving house, the figure fluctuates almost on a minute by minute basis.
The important thing is no matter when you moved or switched you simply need to demonstrate you were the bill payer and your former supplier will check and return any money owed. My Energy Credit was designed to raise awareness of the issue and companies have kept their own records of amounts returned."
To find out whether you are owed any money visit My Energy Credit by clicking here.
Posted on May 10, 2016 at 04:26 PM
May 3, 2016
The amount of households that switched their energy supply in the first quarter of this year is up 8% from the same period last year.
The figures below highlight the amount of customers that switched between January and March 2016:
• 855,599 gas customers switched energy tariffs
• 1,090,531 electricity customers switched energy tariffs
• 52% of those who switched across both fuels moved to an independent supplier.
Despite the increase in households switching, data from energy regulator, OFGEM, has shown that as many as two thirds of UK households could still save up to £325 by moving from their current energy supplier's standard tariff, on to a cheaper fixed-term price plan. Meaning there is plenty of savings to be made by the 17.8 million households that haven't switched.
A trend appearing in the switching data is the amount of consumers that are moving to an independent energy supplier. 52% of households that switched, moved to one of the 40 smaller energy suppliers. Previously a market dominated by the "Big Six" energy suppliers, now has smaller suppliers holding 13% and 14% of the electricity and gas markets respectively.
Rachel Fletcher, OFGEM Senior Partner, Consumers and Competition, said:
"It's encouraging to see a continued rise in the number of people switching, and an increasing number of suppliers entering the market. There has never been a better time to switch suppliers and you could save up to £325 according to our latest figures. It is easy to do and OFGEM offers impartial advice on switching through it's Be an Energy Shopper website."
Have you looked to see what you can save yet? It could make a massive difference to your household bills! Visit www.energylinx.co.uk to use our free and impartial comparison calculator or one of our energy advisor's on call 01259 220000.
Posted on May 3, 2016 at 04:14 PM