Big Six continue to oppose energy price cap as 5 million customers switch electricity supplier

More than five million customers have now switched electricity supplier in 2017 – topping last year’s figure.

The latest figures published today from Energy UK come as another three major suppliers sign up to the Energy Switch Guarantee (ESG) – which now covers over 90% of the market.  

More than 475,000 customers took action to save money by switching provider during November, up by 14 per cent on this time last year. With now more than 55 suppliers to choose from now, nearly a quarter (24 per cent) of the monthly switches were to a small or mid-tier supplier.

In addition, SSE, OVO Energy and Utility Warehouse have now all signed up to the Energy Switch Guarantee, which means that over 90% of the market is now covered by the scheme.

The Energy Switch Guarantee is an industry-led initiative through which companies sign up to a series of commitments ensuring customer switches are simple, speedy and safe.

OFGEM numbers estimate that, in addition to those switching supplier, double that number make a change with their current provider. This means that more than 12 million households will have actively chosen the best deal for themselves by the end of 2017.                                                                                                                                       
Lawrence Slade, Chief Executive, Energy UK, said: “Over five million customers have now taken action to lower their bills, topping last year’s figure and showing how more and more people are realising how quick and easy it is to save money.”

Meanwhile Energy MPs on the Westminster parliament’s BEIS Committee tomorrow question witnesses from consumer groups about the proposed British energy price cap.

The committee has received written evidence submissions (44 in total) from the “Big Six” energy companies, small and medium suppliers such as OVO Energy and Bristol Energy, as well as companies and organisations such as the CBI, Institute of Economic Affairs, Money Super Market and Taxpayers Alliance as well as from MPs and individuals.

Rachel Reeves, MP
Rachel Reeves, MP

Rachel Reeves MP, Chairman of the Business, Energy and Industrial Strategy Committee, said: “The energy market is broken.

“The Government needs to act to stamp out energy companies exploiting loyal customers and leaving these consumers stuck on over-inflated energy tariffs.

“It will come as little surprise to these customers that the Big Six energy companies oppose a price cap which could reduce consumer bills.

“As a Committee, we will be taking a close eye to the Government’s energy price cap proposals in the evidence sessions ahead and we will then report with recommendations to ensure this draft legislation can deliver on the Government’s promise to deliver lower bills for consumers.”

11 Dec 2017

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