Energy switching numbers at all-time low - Gas and electricity - News - Moneyfacts

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Energy switching numbers at all-time low

Energy switching numbers at all-time low

Category: Gas and electricity

Updated: 30/09/2013
First Published: 30/09/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Despite consumers being urged to shop around to secure better energy rates, figures released by the Department for Energy and Climate Change (DECC) show that the number of households switching electricity supplier is at a record low.

Electricity transfers fell by 17% to 658,000 in the second quarter of the year, the lowest rate since DECC records began. Meanwhile, the number of gas transfers dropped by 14%, down to 490,000, and the number of households that switched both energy suppliers was down to just 2%.

These figures come barely a week after one of the UK's largest energy suppliers, First Utility, called for energy firms to slash the time it takes customers to switch suppliers to just one day. They believe that this would encourage up to 35% more customers to switch.

Currently, the switching process can take up to five weeks to complete, which probably helps explain the drop in transfer numbers. Energy watchdog Ofgem would welcome the move to a faster, more efficient switching process, helping customers find the cheapest tariff for their needs at a time when the big six suppliers are expected to increase their rates.

What can you do?

Buck the trend by comparing the various energy tariffs currently available. Energy prices have risen faster than inflation in recent years and a lot of people are struggling to pay their bills, but if you switch now you can secure a fixed rate deal before suppliers have a chance to up their rates.

What Next?

Switch energy provider and save up to £320 a year

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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