Ofgem, Britain's energy regulator, has published data that shows that in the first half of this year (Jan-June 2016) more than 3.8 million switches took place as people changed their energy supplier – around a million more than the same period last year (Jan-June 2015).
In the first half of 2016, around 1.6 million domestic customers switched gas suppliers and 2.2 million domestic customers switched electricity suppliers.
Ofgem’s data also shows that consumers have more choice than ever before, with over 40 suppliers to choose from.
However, while there are more deals in the market to choose from, Ofgem’s data reveals that 66% of domestic customers are still on expensive standard variable tariffs. This is why Ofgem is taking forward the Competition and Markets Authority’s (CMA) reforms to better protect those on pre-payment meters and to increase competition for all other customers.
Meanwhile, customers can save over £300 by ditching expensive standard variable tariffs for the cheapest deal, often a fixed-term tariff. The average standard variable tariff of the larger energy suppliers as of 28 July 2016 was £1,066. The cheapest tariff available on that date – a one year fixed tariff – was £758, a saving of £308.
Rachel Fletcher, Ofgem senior partner, Consumers and Competition, said: “Great deals are there for the taking. There are very competitive offers and many more suppliers to choose from, and that’s why more consumers are switching.
“With savings of around £300 available, and winter coming, now is a great time to shop around for cheaper deals. Advice from Ofgem is available from www.goenergyshopping.co.uk.”