Jeremy Cryer, energy spokesperson at Gocompare.com, commented: “The CMA report is quite clear about the gains to be had from energy switching; 95% of dual fuel customers with the big firms could have saved money by shopping around and changing tariffs.* Sadly, in the UK energy market, loyal customers continue to get the poorest deal. If you are on a standard tariff and haven’t switched for a number of years you will undoubtedly be paying more than you need to.
“The truth is, the price war that has driven the cost of the very cheapest dual fuel tariffs down dramatically in the last 12 months, could be saving hard-up consumers hundreds of pounds, but it has passed many by.
“Our own figures show that 30% of energy customers in the UK have never switched provider, while a further 16% haven’t switched for five years or more.** As an industry we need to promote the benefits of shopping around and switching, and make the process as straightforward as possible through initiatives such as the recent move to faster switching.”
For more information on switching energy supplier, read Gocompare.com’s energy guides.
Notes to editors:
*According to the CMA’s updated issues statement published on 18 February 2015: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/404867/Updated_Issues_Statement.pdf
**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.