Energy switching rates reach four and a half year high
Commenting on today’s announcement from Ofgem that switching rates are at a four and a half year high, Richard Neudegg, Head of Regulation at Uswitch.com, says: “It’s encouraging to see that more people are taking control of their energy use, especially at a time when bills are rising. Five out of the big six energy suppliers have increased the price of their most competitive fixed rate tariffs by an average of £129, so it’s more important than ever for consumers to shop around and make sure they’re on a competitive deal.
“Today’s figures are a step in the right direction and illustrate that competition is working for many consumers, but too many still languish on expensive standard variable rate plans. Switching levels are still well below those in 2008 when 20% of consumers were moving to better deals each year. To really kick-start competition between suppliers and bring bills down, we believe Ofgem should look to set a 25% switching target by 2020.
“In addition, the Competition and Markets Authority has spent two years closely examining the energy market. The industry, Ofgem and Government must urgently implement the CMA’s final package of remedies and give them a proper chance to work for consumers.”
FOR MORE INFORMATION
Jason Wakeford
Phone: 0203 872 5612
Email: jason.wakeford@uswitch.com
Twitter: @UswitchPR
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