News

Record numbers switch electricity supplier
Category: Utilities
12/03/2018

February saw a record-breaking 660,000 customers switch to a different electricity supplier, which translates as nearly 24,000 people switching per day, according to Energy UK. It's hardly surprising that so many sought to reduce their electricity bills last month, considering the harsh weather conditions that affected households across the country.

Energy UK's data further shows that this record-high number of switches marks a whopping 60% increase compared with February last year, and that over a million customers have already switched this year. That's compared with 5.5 million people who switched during the entirety of 2017, a record that is likely to be shattered this year if the numbers stay this high.

If you're thinking of switching energy supplier, you'll be relieved to hear that 9 in 10 customers are happy with the switching process. That's according to the Energy Switch Guarantee, which covers over 90% of the market and is meant to help ensure switching is simple, speedy and safe.

Maybe thanks to this confidence boost, customers are happy to move to small and mid-tier suppliers, as one-fifth of the 660,000 switchers have done in February. These providers may be less well-known, but that also means they're more likely to put extra effort into making their customers happy. This should hopefully be reflected in lower energy bills.

"The energy market has never been so competitive and it's great to see record numbers of consumers engaging in the market to get a better deal," commented Lawrence Slade, chief executive of Energy UK. "Customers can make big savings by joining the millions who've found a better deal – through either checking with your existing supplier or choosing from over 60 suppliers on the market."

What next?

With the Energy Switch Guarantee backing most of the market, there's no reason not to compare gas and electricity suppliers to see what you could save by switching.

Once you've switched over, why not put that extra cash in a dedicated savings account?

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.