Record number of people switching suppliers

Almost 1.5 million customers switched electricity supplier over the summer months (July and August) despite the extended high temperatures across the UK. In August, just under half a million customers (494,839) switched, an 11 per cent increase on the same period last year.

This takes the total number of electricity switches so far this year to more than 3.7 million, which Energy UK said is on course to beat last year’s record of 5.5 million.

Lawrence Slade, chief executive of Energy UK, added: “Despite record-breaking temperatures, it is great to see that nearly 1.5 million people have made a switch this summer. Competition is thriving in the energy market and ever-increasing numbers of customers switch every year – with a record 5.5 million doing so last year.”

According to the latest research from the Energy Switch Guarantee, people’s confidence in switching remains high with 9 in 10 customers saying that they are happy with the process. The aim of the Energy Switch Guarantee (ESG) is to increase consumer confidence in switching, and to improve the speed and the ease of the switching process. It is in the interests of signatories and consumers alike that the reputation of the ESG is upheld. Essentially, it’s all about giving peace of mind to consumers.

Pamela Taylor, independent chair of the Energy Switch Guarantee, said:  “With more than 70 suppliers in the market there is more choice than ever before. Despite the recently announced price cap, switching tariffs remains the best way for consumers to get the best deals in the market.”

A spokesperson for Ofgem said: “Although switching levels are increasing, millions of customers who don’t switch are still paying over the odds for their energy, paying hundreds of pounds more than those who do switch. It’s unacceptable that people who don’t switch are overcharged in this way, which is why Ofgem is planning to introduce a price cap by the end of the year to ensure they pay a fairer price for their energy. Even with a price cap, customers can still save money by switching to a better deal and Ofgem will be making the process to switch supplier easier for people.”

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References:

  • https://utilityweek.co.uk/energy-switching-figures-track-break-2017-record/
  • https://www.energy-uk.org.uk/press-releases/412-2018/6809-switching-soars-despite-sweltering-summer.html
  • https://www.energyswitchguarantee.com/about-the-energy-switch-guarantee/