Record energy switching levels reported in February
Around 24,000 customers a day switched energy supplier in February, according to the latest figures from Energy UK.
This is a 60% increase in the number recorded in February 2017 and of those switching electricity supplier, a fifth – 130,000 – moved to small and mid-sized suppliers.
The figures follow a record 2017 where over 5.5 million – or one in six – electricity customers switched provider.
Confidence in switching is also high with nine in 10 customers happy with the process according to the Energy Switch Guarantee (ESG), a voluntary initiative to ensure switching is simple and fast, which covers over 90% of the retail market.
Lawrence Slade, chief executive of Energy UK, said: “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.
“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. And with the Energy Switch Guarantee in place, consumers can be sure that the process will be simple, speedy and safe.”
Shona Eyre, energy expert at uSwitch, added: “Households are making huge savings while maintaining pressure on suppliers to offer competitive deals and improve their customer service – if they don’t, they face the very real risk that those customers will shop around and move elsewhere.
“With so many consumers now engaging with the energy market it is vital that any widespread price cap does not slow this momentum, but continues to educate and encourage more energy customers to benefit from competition.”