In February 2019, we advised that 'Millions should expect an energy price increase' after Ofgem, the energy regulator, announced it was increasing its energy price cap. The hike was as a result of an increase in wholesale and network costs and it was reported that 11 million customers who are on their supplier's standard tariff could expect to see an increase of up to £117 a year.
On 20th May 2019, Energy UK published electricity switching figures for April, revealing that over 660,000 customers had changed their energy supplier, the highest monthly number ever recorded. 47% of the switches were from larger to small/mid-tier suppliers, an unsurprising statistic when you consider that all of the big six energy suppliers had previously increased their prices by at least 10%.
Lawrence Slade, Energy UK’s chief executive, said:
“It is very positive to see that record numbers of customers continue to move to a new supplier in search of a better deal, and we must remember Ofgem’s figures also show many more each month move to a better deal with their current supplier.
“So, I would encourage everyone to get in touch with their supplier, or have a look online, to see if there is a better deal for them, whether that is on price or the type of tariff you are looking for."
“And, at a time when we are facing a climate challenge on a global scale, it is important for all of us to look at our energy use and ensure our homes are energy efficient. This is the best way to keep your energy bill down while also reducing your carbon footprint so you can help save money and the planet.”
How to save money on your energy bills
By switching to a cheaper tariff you can save hundreds of pounds a year on your gas and electricity bills. Remember, switching energy supplier doesn't affect the energy supplied to you. You are simply changing the energy provider who bills you. A lot of people put off switching energy supplier as they believe it is a complex process that takes too long, but you can switch in under 20 minutes and get cashback. See our article How to find the best energy deal, switch and get cashback in 17mins 39 secs where we walk you through the entire process.
Alternatively, a service like Look After My Bills can do all of the switching for you. You simply sign up and authorise the website to monitor your tariff and switch you onto a better deal on your behalf now and in the future automatically.