Energy switches have spiked up 30% vs. this time last year
The number means that 2017 has already broken the record for energy switching.
With price rises coming from all of the largest (“Big Six”) energy companies in the UK, consumers have been voting with their feet. There has been a 30% spike on energy switches vs. this time last year, according to Energy UK, signalling a perceptible shift in consumer behaviour.
The number means that 2017 is already a record year for energy switches.
According to Energy UK, nearly half a million (444,653) customers switched last month. This adds to the nearly 3.5 million who have switched in 2017 as a whole, already breaking the previous record for switches in a single year (3.4 million in 2014).
A major factor in the spike is the British Gas Price rise – with the company upping their prices by 12.5% on duel fuel, starting on 15 September. British Gas is the UK’s biggest supplier by far, with 20 million customers. When announced, the price rice set to impact 3.1 million of those customers. Starting tomorrow, the new dual fuel standard variable tariff from British Gas will rise £76, based on a medium home on average usage.
Consumers have voiced opinions about a becoming increasingly frustrated by supplier prices. “I just don’t think all these energy companies are transparent enough,” says consumer Jill Fernando. “They report massive profits and make savings of their own, but these savings are never passed on to customers, especially if you’ve been with them for a long time.”
Energy UK also has offered comments based on these numbers. Lawrence Slade, chief executive of Energy UK says, “The UK energy industry is changing, and at a rapid pace. To see switching increase by nearly a third – an increase of more than 100,000 customers on the same time last year, shows that progress is being made.” He says. He adds “There are a record number of companies to choose from, and deals which could save you hundreds of pounds so our advice to consumers is check your deal today - you could save in no time at all”.