You are here: Home - Household Bills - News -

Six million households switched energy supplier in 2015

Written by:
The number of people shopping around for the best energy deal soared last year, according to Ofgem.

The regulator said 6.1 million households switched energy provider in 2015, a 15% increase on 2014, and the highest number since 2011.

Some 40% of these switches were to independent suppliers rather than the big six firms – British Gas, EDF, E.on, Npower, Scottish Power and SSE.

All big six providers have announced cuts to standard gas prices in the past few weeks.

However, experts have branded the price reductions ‘minimal’.

Ofgem said consumers could save around £200 by switching, and those who haven’t switched for a while or never switched, could save considerably more.

Rachel Fletcher, Ofgem senior partner said: “It’s encouraging to see switching levels at their highest level for four years. With more than 30 suppliers active in the energy market and hundreds of pounds of savings to be made, it’s a great opportunity to shop around.”

Ofgem has also referred the energy market to the Competition and Markets Authority (CMA) for a full inquiry.

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.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

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