This is the highest number of switches since 2011, with over 40% of these (2.44 million) moving away from the Big Six to independent suppliers.
Through its Be an Energy Shopper campaign, OFGEM has been advising consumers to shop around for a better deal on their energy bills. Many consumers could save around £200 by switching, and those who haven’t switched for a while or never switched, could save considerably more.
OFGEM has also referred the energy market to the Competition and Markets Authority (CMA) for a full inquiry. The regulator is committed to working with the CMA on its findings to ensure the market works better for all consumers.
Rachel Fletcher, OFGEM senior partner, said: “It’s encouraging to see switching levels at their highest level for four years. With more than 30 suppliers active in the energy market and hundreds of pounds of savings to be made, it’s a great opportunity to shop around.
“Whether customer service, price or both is what’s most important to you, remember you always have a choice. If your energy company isn’t up to scratch, vote with your feet and walk away. Use our Be an Energy Shopper website to see how you could switch to a better deal.”
19 Feb 2016 Scottish Energy News:
No evidence of Big Six price monopoly or profiteering, but watchdog warns consumers who are ‘too scared to switch’ energy suppliers lose over £200 a year
Lawrence Slade, Chief Executive of Energy UK, said: “The huge number of energy switches in 2015 prove it’s simple to pick and click a deal that could save hundreds of pounds.
“This year is set to see switching success continue with around six people shopping for a new supplier every minute in January – the highest comparable monthly figure since records began.
“Increased competition is also contributing to falling energy prices with the cheapest deals now costing less than £800 a year.”
Juliet Davenport, Chief Executive of independent energy supplier Good Energy, commented: “The independent suppliers tend to focus on high quality service and fairer pricing because they have to work harder to win customers from the bigger firms.
“These new figures show that loyal consumers are ditching those big, old-fashioned utilities which have been taking them for granted for far too long.”