Consumers who signed up to the council-led Big London Energy Switch auction could save more than £2 million on their energy bills.

Nearly 20,000 Londoners will save an average of £122 a year on their electricity and gas bills after signing up to the collective switching scheme.

The scheme was targeted as vulnerable consumers, such as the elderly, the disabled and those on benefits, who are deemed to be in fuel poverty, across 21 London Boroughs.

Of the 26,400 residents who signed up, nearly 20,000 can save on their current bills by switching to the deal negotiated by energy switching provider iChoosr.

Councillor Derek Osbourne, leader of the Royal Borough of Kingston upon Thames – the lead borough for the scheme – said: “The scheme has been a huge success.

“Councils are helping people to keep their homes warm more cheaply at a time when energy bills and fuel poverty are on the rise.”

Further collective switching schemes are set to take place in the capital later in the year.