Two and a half week switching, also referred to as three day switching, will come in to force by the end of this year. The move is part of energy regulator Ofgem’s drive to create a simpler and more transparent energy market.
The actual transfer from one energy supplier to another will take just three days, however, there is a mandatory two week cooling off period. The three day switch will occur at the end of the cooling off period. At the moment, switching energy supplier can take up to six weeks.
Ofgem has also said it hopes to implement one day switching by 2018.
‘Every major energy firm is on schedule to deliver the faster switching’
Speaking on the initiative in a speech he is set to give today, Energy Secretary Ed Davey will say: “Every major energy firm is on schedule to deliver the faster switching I have demanded.”
He will add that the emergence of small suppliers has done much to create a more competitive energy market: “I’m proud that energy independents are supplying nearly eight times as many people as they were under Labour.
“And I want to see their market share grow more — to 30% or more by the end of the decade.”
Davey is also expected to discuss the country’s energy efficiency target. In the speech he will say that one million homes have become more energy efficient thanks to both ECO and the Green Deal.