You are here: Home - Household Bills - News -

450,000 energy customers switched in February

Written by: Danielle Levy
In January and February, 836,000 customers switched energy supplier, representing a 2% increase year-on-year, the latest figures from Energy UK have shown.

Over the course of February, 450,000 customers switched supplier, which was a 0.1% fall when compared to February 2018.

It is worth noting that 2018 was a record year for switching, with over 5.8 million customers (equating to one in five) making a move.

Peter Earl, head of energy at comparethemarket – the comparison site, put the slight drop in switches in February down to the introduction of the energy price cap, which came into force in January. It applies to default tariffs and aims to prevent energy providers from charging more than £1,137 for a typical dual fuel tariff. The cap is due to increase by £117 in April.

“It’s no coincidence that the drop in switches came at the same time the energy price cap came into play, lulling people into a false sense of security and decreasing levels of engagement.

“However, with the recent announcement that the price cap level will be raised on average by £117 and the subsequent Big Six price rises, we can expect the number of people engaging and switching to accelerate over the next few months,” Earl explained.

He urges any households on standard variable and default tariffs to take a look around to find a better deal.

Lawrence Slade, chief executive of Energy UK, added: “While there has been a small decrease this month, switching remains up on last year and we hope that, over the coming months, we continue to see high levels of consumers engaging in the market to find the best deal for them.”

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

Low-income pensioner? You could gain £3k top-up

Hundreds of thousands of retirees struggling with a low income are missing out on Pension Credit worth £3,300...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week