Electricity switching up 46 per cent as engagement rises
2017 set to break records for number of customers switching electricity supplier
Consumers are becoming more engaged in the energy market, with latest figures from Energy UK showing that more than 550,000 customers switched electricity supplier in September.
That figure is up by nearly a half (46 per cent) on September 201 and means over four million customers have changed electricity supplier so far this year.
Recent data from Ofgem also reveals higher levels of consumer engagement in the energy market. The regulator found that over two thirds of customers (41 per cent) have engaged with the market this year, up from 37 per cent in 2015. Furthermore, a third of switchers changed supplier for the first time in the past 12 months.
With three months of the year still to go, the overall number of switchers is likely to eclipse last year’s total of 4.8 million, which itself represented a 50 per cent increase on the 3.2 million who switched in 2014.
The rise in engagement has come alongside a broadening of the market. There are now 54 suppliers in the energy market, compared with 24 as recently as 2014.
Research last week revealed that nine in ten energy switchers were happy with the process of changing suppliers. Furthermore, over two thirds said that having the Energy Switch Guarantee - a series of commitments ensuring switches are simple, speedy and safe, made them more likely to change supplier.
Lawrence Slade, chief executive of Energy UK, said: “The energy market is rapidly transforming as competition continues to flourish and the numbers of consumers engaging in the energy market continues to grow. Over half a million consumers switching suppliers in the space of a month, shows the scale of the growing momentum.
“There are great savings to be made either by checking with your existing provider or by switching to one of over 50 suppliers in the market - So our advice to consumers is follow in four million footsteps and make sure you are on the best deal.”
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