Bulb Energy has fired a broadside against its Big Six rivals by claiming they have overcharged loyal customers by £7.3 billion.
The green energy company, which earlier this month passed the 100,000 customers milestone, claims Ofgem data shows households on single variable tariffs (SVTs) have paid on average £853 more than they needed to over the last five years because they are not on the supplier’s cheapest rate.
Bulb Energy says the Big Six have more than 18 million customer accounts on SVTs, which include 8.5 million households that have never switched.
“These latest numbers show that so-called standard tariffs no longer have the customers’ best interests at heart,” said Bulb co-founder, Hayden Wood.
“The Big Six need to show that they’re putting customers first, instead of profits.
“Loyalty towards a brand is often rewarded, yet households who’ve put their trust for years in a single energy company are being forced to subsidise others who switch over 12 months,” added Wood.
“At Bulb, we offer a single tariff to all our members so they know they’re always on our best deal.”
Earlier this month British Gas announced a controversial 12.5 per cent price increase, which comes into force in October.
It was followed by an announcement from Northern Ireland’s leading energy supplier, Power NI, that it is increasing prices for the first time in four years.
The company revealed on 16 August it is raising prices by 5.6 per cent from 1 October onwards, due to a rise in the cost of producing electricity.