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“The energy switching revolution has started and the Big Six should be scared”

27 February 2017

Gocompare.com comments on Ofgem figures that show energy switching at six year high

Ben Wilson, energy spokesperson at Gocompare.com, said:  “Ofgem’s figures show that the energy switching revolution has started and the big six should be scared. However, bill payers have been left with no option but to switch.  We’ve had countless industry reviews and reports over the years, but still the only way most households can get their energy costs down is to take control of the situation themselves and ditch their Big Six standard variable deal. 

“We predict the number of people switching energy provider will increase further this year as the most recent price increases haven’t even filtered through to bill payers yet.  EDF will increase their electricity charges by over 8% on March 1st and Npower by 15% on March 16th.  Wholesale prices have gone up considerably in the last year and there will be further price rises for consumers this year.

“The genie is out of the bottle now when it comes to energy switching.  Bill payers are getting into the habit of shopping around and taking charge of their energy outgoings.  As more people do it and talk about it, it becomes more normalised.  However, the nature of the energy market is that consumers need to get used to switching every year, otherwise they will still slip back onto their provider’s standard tariff, once their fixed deal comes to an end.”

Ben Wilson added; “From our own research*, we know that 44% of households have switched energy provider in the last three years but 56% haven’t, with 29% saying they have never switched energy provider.

“Shopping around isn’t a gimmick, households that haven’t switched recently could save as much as £305** on their gas and electricity bills by moving to a new deal. Finding a new energy supplier is easy, all you need is your energy bill and a few minutes, and by the time you’ve finished your cup of tea you could save hundreds of pounds.”

For more information on switching energy supplier, read Gocompare.com’s guides.

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Notes to editors:

*On 6 January 2017, Bilendi conducted an online survey among 2001 randomly selected British adults who are Maximiles UK panelists.  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.  The 2016 switching survey was also an online survey conducted by Bilendi among 2001 randomly selected British adults who are Maximiles UK panelists, it was conducted on 5 January 2016.

**At least 51% of customers who provided their energy usage and received a price for switching energy supplier for both gas and electricity with Gocompare.com saved £305 or more (1st July - 30th September 2016)