Last year was a record year for electricity switches, according to the latest report from Energy UK. Almost 6.4 million people moved to a new electricity supplier - an average of 12 switches every minute.
The number of electricity switches has increased by 9% compared to 2018. An average of half a million people switched supplier each month, with switches peaking in April 2019 as the increased price cap came into effect.
Commenting on the latest switching figures, Richard Neudegg, head of regulation at Uswitch, said:
“Switching supplier is clearly becoming part of everyday life for more and more households. Uswitch data shows that in the last 12 months, households saved an estimated £1.7 billion on their energy bills by switching their energy deal. We’ve also tracked an increase in energy customer satisfaction, with people feeling more positive once they have made their own choice about the price they pay.
“Major changes to the UK energy market in 2019 saw eight more small suppliers going out of business, two of the Big Six being taken over by rival firms while smaller companies continued to take a bigger slice of the market, and Ofgem introducing the Government’s energy price cap.
“The eye-watering £117 average increase in the level of the price cap in April provided a huge incentive for households to move off poor value standard tariffs, reminding customers they shouldn’t rely on market regulation to get a good price.”