In the first half of 2016, around 1.6 million domestic customers switched gas suppliers and 2.2 million domestic customers switched electricity suppliers.
As well as the Britain’s ‘Big Six’ legacy providers, consumers now have more choice than ever before, with over 40 suppliers to choose from.
However, whilst there are more deals in the market to choose from, OFGEM data reveals that 66% of domestic customers are still on expensive standard variable tariffs.
This is why OFGEM is taking forward the Competition Authority’s 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, 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.”
Margot James, the Minister for Small Business, Consumers, and Corporate Responsibility, said: “Thanks to Government action, it’s easier and quicker to switch than ever before.
“The number of suppliers has more than tripled since 2010 and it is great to see more people have already taken advantage this year by switching and saving money on their bills.”