Six million households switched energy supplier in 2015
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.