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17 day switching welcomed – but consumers may still have to wait

15 January 2015

The Department of Energy and Climate Change has announced this week that nine energy suppliers have agreed to offer customers 17 day switching. Gocompare.com comments:

Jeremy Cryer, energy spokesperson at Gocompare.com, said: “Faster energy switching is excellent news for consumers. Any measures which make ditching poor value tariffs and switching to better deals quicker and easier will encourage more people to take control of their energy bills. Our own research* has found that just 18% of consumers switched their energy provider in 2014 and that 58% of householders have been with the same energy provider for four or more years. By our estimation those customers could be missing out on savings of £215** a year. .

“In order for the handover to be completed in this time both your existing energy provider and your new one must have the capability for the faster switch and, so far, just nine energy providers have signed up to 17 day switching. There are now over 26 energy providers in the market and most of the new, challenger energy providers can’t yet guarantee their ability to move so quickly. As it’s these providers who’ve consistently offered the best deals of late, consumers may still find it takes a few more weeks to move on to a ‘best buy’ tariff.”

For more information on switching energy supplier, read Gocompare.com’s guides, here: http://www.gocompare.com/gas-and-electricity/guide/.

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Notes to editors:

*On 17-18 December 2014, Vision Critical conducted an online survey among 2,011 randomly selected British adults who are Springboard UK panellists. The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.

**Based on customers who provided their energy usage and received a price for switching energy supplier for both gas and electricity (dual fuel) using Energy Helpline powered by Gocompare.com during 01 July – 30 September 2014, at least 51% of customers saved £215 or more.