Record numbers switching to smaller suppliers
Just under half a million (481,677) customers switched electricity supplier last month with nearly half of these (46%) moving to small or mid-tier providers from larger suppliers.
A record 222,036 customers switched to small and mid-tier suppliers in June – the highest number ever recorded in a month by Energy UK.
Despite the sweltering temperatures, switching levels continue to increase with 19% more customers changing energy company last month (481,677) compared to June 2017 (404,173) potentially saving over £300 on their energy bills. Over 2.7 million customers have switched supplier so far in 2018, ahead of this time last year (2.6 million) when a record 5.5 million electricity customers went on to make a change.
Consumers also continue to feel confident in switching – with nine in 10 saying that they are happy with the process according to latest research from the Energy Switch Guarantee, an industry initiative to provide customers with extra confidence in switching. The Guarantee, which covers over 90 percent of the market, is a set of commitments to ensure switching is simple, speedy and safe.
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. And, with suppliers of all sizes facing increasing cost pressures, which went up by nearly 15% over the last year according to Ofgem, it’s a particularly good time to check you’re on the best deal and consider ones that could fix your bills for the next year and beyond.
“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.”
• To see the latest monthly switching stats, please visit Energy UK’s website.
• The Energy Switch Guarantee covers over 90% of the retail market. There are 24 signatories including: British Gas, Bulb Energy, E.ON, EDF Energy, First Utility, Flow Energy, M&S Energy, npower, Octopus Energy, OVO Energy, Peterborough Energy, Pure Planet, Sainsbury’s Energy, Scottish Power, So Energy, SSE, Tonik Energy and Utility Warehouse. For more information about the Guarantee: www.energyswitchguarantee.com
• The switching data is supplied by Electralink who provides a secure service to transfer data between the electricity market participants. The company operates the Data Transfer Network (DTN) which underpins customer switching, meter interoperability and other business processes critical to a competitive electricity market.
• The data referenced in these reports is since our collection of data only and is for electricity only. These figures include both domestic & non-domestic customers.
• These figures do not include internal electricity switching, statistics on this from the larger suppliers and on Standard Variable Tariffs can be viewed on the Ofgem website.