Switchers to small energy suppliers hit record highs amid heatwave

15th July 2018 | Residential Energy

More than 480,000 customers switched their electricity supply last month – with the highest ever numbers favouring smaller suppliers. New data from Energy UK shows that electricity switching levels continue to increase, up 19% compared to June 2017 when 404,173 changed providers.

Of these, the majority – 53% – moved from larger to small and mid-tier suppliers, the highest number ever recorded in a month. In addition, from Ofgem’s latest figures, over 70% of gas switchers in April moved to small- and medium-sized providers.

It’s likely many are moving to smaller suppliers to bag bigger savings. The average big six standard tariff costs a typical duel fuel user a massive £1,206 per year, compared to £850 per year on the cheapest deal with a small supplier – representing a saving of over £350, or 30%.

Small Energy Suppliers

Over 2.7 million electricity customers have already switched this year, after a 5.5 million changed their energy provider in 2017.

Lawrence Slade, chief executive of Energy UK, said, “The record numbers switching to small and mid-tier suppliers show that more and more customers are taking advantage of the ever-growing competition and choice out there.

“It only takes a few minutes to either check with your own supplier or to look at what’s on offer from nearly 70 competing suppliers in the market. With the Energy Switch Guarantee in place consumers should feel even more confident that switching will be simple, speedy and safe.”

Energy UK added that nine in 10 consumers were happy with the switching process, according to latest research from the Energy Switch Guarantee.

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