Aug 17, 2017
Over three million energy customers switched supplier
Energy UK, the trade association for the UK energy industry, announced that over three million energy customers have already switched their electricity supplier this year. This is a 14% increase when compared to the same time last year.
Although the largest number of the three million customers moved from one large supplier to another large one, approximately 34% transferred from a large supplier to a small or mid-tier one.
In the last month alone (July 2017), 385,000 customers switched provider, which translates to a 16% increase compared to July 2016. One in five chose to switch to an SME supplier.
“There are now over 50 suppliers to choose from, which is driving innovation and improvements to customer service, and providing an incentive to keep prices competitive as suppliers fight to keep and attract customers,” commented Lawrence Slade, Chief Executive of Energy UK.
Lawrence Slade adds: “To see over three million customers switch this year and save themselves money is fantastic. Switching is simple to do, make sure you are on the best deal for you by finding some time to switch or speak with your supplier this summer and you could save hundreds of pounds.”
Tina Tietjen, Independent Chair of the Energy Switch Guarantee, also commented: “You only need your bill to hand to find out if you can be on a better deal and your new energy supplier will take care of everything. The Energy Switch Guarantee now covers 74% of the market and provides peace of mind that switching will be hassle-free and quick, so make sure you look out for the logo.”
The news follows a recent announcement by the UK energy regulator, Office of Gas and Electricity Markets (Ofgem), to deliver a “fairer, more competitive market for all consumers”. Easier switching is part of that strategy.
The water market has undergone similar deregulation, but only on a business-to-business level so far.