415,000 electricity consumers changing supplier

9th March 2017 | Residential Energy

More than 415,000 consumers switched electricity supplier in February, which is a 21% increase on the month before. This is a reaction by homeowners as they saw energy prices rise again. The number is the highest for February in the past three years and comes as households face a spate of energy price rises.

There was also an increase in the number of customers switching from larger to smaller and mid-tier suppliers. 110,000, or about a quarter of the total number of switches, followed this path, said Energy UK, the trade body.

Lawrence Slade, Chief Executive of Energy UK, said, “These ever-increasing switching numbers, alongside twice the number of existing customers making a tariff change with their existing supplier, demonstrate that competition is working for more and more consumers.

“If consumers are unsure if they are on the best deal, check either by speaking to their current supplier, or one of the 50 suppliers active in the market.”

Consumers Changing Supplier

Several of the larger suppliers have increased their prices significantly, including EDF, Npower and Scottish Power – and they mostly blame rising wholesale costs. Co-operative Energy announced it would increase the cost of its standard variable tariff by an average of 5%. This will affect around 96,000 customers when it comes in from April 1.

Eon Energy is to increase its standard variable dual fuel prices by an average of 8.8% from April 26. Figures released last month by regulator Ofgem showed switching has surged to a six-year high.

This is as householders continue to shop around for better deals on electricity and gas.

Customers swapped their energy provider 7.7 million times last year. This is a rise of 1.7 million, almost 30%, on 2015.

There are many comparison websites which simplify switching of energy provider.

More information available on the website below