OFGEM Announce 8% Rise in Energy Switching
OFGEM, the energy regulator, have announced that switching continues to rise, with 8% more customers switching in January-March this year compared to last. They reported that 855,000 customers switched gas and 1,090,000 switched electricity in the three month period.
52% of customers switching are choosing newer, smaller suppliers. There are now almost 40 independent suppliers outside of the Big Six making up 13% of the electricity market and 14% of the gas market. The big suppliers still have a stranglehold on the industry but their grip is loosening.
Rachel Fletcher, Ofgem senior partner, Consumers and Competition, said: “It’s encouraging to see a continued rise in the number of people switching, and an increasing number of suppliers entering the market. There has never been a better time to switch suppliers and you could save up to £325 according to our latest figures.”
Mark Todd co-founder of price comparison service energyhelpline.com said: “The average saving on energyhelpline.com this month has been £354 (a year). We have the biggest choice of suppliers to switch to of any major switching service – this is probably why people save more money going through us.”