6m households switched energy companies in 2015

22 February 2016

energy At Christmas, we knew more people were switching energy companies for a better deal, and now we know that, in 2015, over 6 million households switched their energy supplier. That's up 15% on 2014, which is great news.

One of the things that has been a knock-on from people switching, is a fall in prices. With people free to move, companies have to try and offer better deals. Obviously, energy companies could be doing more, but this is a good sign for the future at least.

These figures come from Ofgem, which said that consumers could currently save themselves around £200 if they change. There's also an investigation into energy companies by the Competition and Markets Authority (CMA), which looks at the way these businesses do things, and how much they charge for it.

Having found that millions of households have been overcharged, it looks like there's going to be some big changes in the not too distant future.

The CMA said that the Big Six were charging 5% too much from 2009 to 2013, which is a stupid amount of money being taken out of people's collective pockets. There's going to be some of the CMA's findings released next month. Of course, the energy companies have timed their price cuts to land at the same time, in a bid to make themselves look like nice guys.

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."

If you fancy shopping around, have a look at uSwitch's price comparison tools (there are others if you want to be thorough).

TOPICS:   Banking   Utilities

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