The standard variable tariff charged by the Big Six gas and electricity providers which dominate the British market has always been higher than the overall market average, according to new data issued by the OFGEM regulator.
And while the SVT varies from one Big Six provider to another – it is consistently above overall market average.
The chart (above) shows trends in domestic energy bills by tariff offered by the six large suppliers and other suppliers. It compares their average standard variable tariffs with the cheapest tariffs available in the market (including white label tariffs).
Figures are based on a typical domestic dual fuel customer paying by direct debit.
The differential between the average price of the SVT offered by the six large suppliers and the cheapest tariff has generally shown an increasing trend since February 2017, but was stable in October at £308 compared to September
Consumers switch to rival suppliers in record numbers
Meanwhile, switching continued to increase in September, reaching 519,000 electricity switches and 455,000 gas switches.
These were respectively the highest level of electricity switching ever recorded in the same month and the highest ever level of gas switching in any month.
The number of switches to small and medium suppliers also increased compared to August – by around 73% in electricity and 65% in gas.
Glasgow-based Scottish Power has formed a new retail alliance with Domestic & General, a provider of appliance care in the UK.
This will be the first of several new partnerships to help Scottish Power to ‘meet demand’ for smarter and green-er homes.
The first collaboration with Domestic & General will deliver a portfolio of new products and services – under the Scottish Power brand – throughout the UK.
A Scottish Power spokesman said: “The energy retail market in the UK is dramatically changing and customers now expect more from us than just a supply of gas and electricity.”
1 Dec 2017