Consumers could save around 22 per cent on their annual energy bill if they switch provider, Which? has said ahead of scheduled price rises from a range of suppliers.
The watchdog claims that customers on standard variable tariffs could enjoy savings of around £250 per year and reset their bills to 2008 prices by taking advantage of the cheapest deals on the market.
Alex Neill, Which? managing director of home products and services said: “Far too many people are still stuck on some of the most expensive deals. With five of the big six set to increase their prices, consumers could save £250 a year by switching to a cheaper deal now.”
Neill’s comments come amid speculation that government is about to introduce price regulation in the energy retail market to tackle unpopular bills hikes and unaffordable energy prices.
Acknowledging this, Which? has nevertheless argued that consumers should not “wait” for a price cap to take control of their energy spend.
Neill also urged Ofgem to prepare for the possibility of price regulation in a way which ensures it “makes a real difference for people struggling with their bills”.