January 12, 2018
The latest figures released by Energy UK show that a record 5.5 million households switched energy supplier last year - a 15% increase on 2016.
A total of 5,534,472 customers switched to a better energy deal during 2017 - the highest number that Energy UK has ever recorded.
In 10 months of the year, over 400,000 customers switched. Although it isn't monitored, it is thought that millions of additional customers will have also switched to a better deal with their existing energy supplier.
Competition in the energy market has intensified, with more than 60 energy companies to choose from. 28% of energy switches last year moved to small or mid-tier energy suppliers. The rest of the switches went to one of the "Big Six"; British Gas, E.ON, EDF, Npower, ScottishPower or SSE.
About 12 million households are believed to be still on expensive uncapped standard variable tariffs (SVTs), despite a report from the Competition and Markets Authority which warned in 2016 that they were contributing to £1.4 billion in excess profits to energy companies. The industry is looking at ways to encourage the most 'sticky' of customers to switch to better energy deals.
Lawrence Slade, chief executive of Energy UK said:
"It is tremendous to see switching surpassing all expectations during 2017. Every year more and more customers are seeking out a better deal and potentially saving themselves hundreds of pounds a year. With nearly 60 suppliers to choose from, the market is more competitive than ever before and the Energy Switch Guarantee provides consumers with extra reassurance that switching supplier will be simple, speedy and safe."
"I would encourage all customers to spend a few minutes checking the deal they are on. You could save a lot of money on your current energy bill - whether it be with a new supplier or your existing provider."
Energylinx would like to invite everyone to compare energy tariffs and see how much they could save by switching. It's quick, easy and won't cost you a penny. You can either do it on our website or by calling 01259 220000
Posted on January 12, 2018 at 11:24 AM