New figures from the trade body, Energy UK, has shown over 660,000 electricity customers switched to a new energy supplier in April 2019.
This is the highest recorded number of domestic and business switches, as the report follows the announcement of Ofgem increasing their price cap. So, is this the influence behind the soar in switches?
Record number switch to smaller companies
The number of electricity switches so far in 2019, has now been brought to over 2 million in just four months, a 34% rise compared to this time last year.
After the revelation of big energy suppliers increasing their prices in line with the new Ofgem cap, this could be an underlying reason for the record numbers of switchers.
Average bills soared by £117 when Ofgem raised the price cap. Following this, customers were encouraged by Ofgem and trade organisations to shop around, compare prices and find a better deal.
The figures from Energy UK, revealed a trend was seen in a number of customers switching from larger suppliers to smaller and medium-sized ones, standing at a huge 47%. Whilst 22% were switches between small and mid-tier suppliers.
According to Ofgem, switching to a cheaper tariff can save customers nearly £200 a year. You’ll receive the same gas and electricity, all that changes is the energy company that bills you.
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