Switching soars despite sweltering summer
Energy UK’s latest switching figures reveal that nearly 1.5 million (1,453,622) customers switched electricity supplier over the summer months (June-August), despite record-breaking temperatures across the country.
Just under half a million customers (494,839) switched in August 2018, up 11% on the same month last year. This takes the total number of electricity switches in 2018 to over 3.7 million, well on course to beat last year’s record figure of 5.5 million.
Confidence in switching remains high with nine in 10 customers saying that they are happy with the process according to latest research from the Energy Switch Guarantee, an industry trust mark to provide consumers with confidence that switching is simple, speedy and safe.
The Guarantee - which is a voluntary set of commitments made by signatories to switch customers, send final bills and refunds within specific time limits as well as taking responsibility for all the arrangements - now covers over 90 percent of suppliers by market share.
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. Look out for the Energy Switch Guarantee logo to find suppliers who will provide a simple, speedy and safe means to switch.”
Lawrence Slade, chief executive of Energy UK, said:
“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 5.5million doing so last year. It is vital that these positive steps, which deliver benefits for customers, are not undone as a result of policy decisions with Ofgem’s own impact assessment suggesting falls in switching of up to 40% as a result of the proposed price cap.
“We will be monitoring numbers closely and hope that consumers up and down the country continue to benefit from the competitive market.”
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Notes to Editors
- In August, around an additional 90,000 electricity switches occurred as Iresa customers were transferred to Octopus Energy. These have been discounted from the numbers above.
- To see the latest monthly switching stats, please visit Energy UK’s website.
- Over 90 per cent of suppliers (by market share) are signatories of the Guarantee. 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