Welsh consumers miss out on cheaper energy deals

NEARLY half a million (470,000) households in Wales may have each lost out on more than £1,500 over the past six years because they did not switch energy suppliers, according to a new analysis.

Research shows that more than one in three Welsh households (35%) say they do not see the point in switching because “all suppliers are the same”.

The lost income is thought to be the equivalent of “27 average weekly food shopping trips”.

Ofgem figures show that across the UK nine million households (35%) did not change gas or electricity provider between 2012-17. Fewer than one in five people (19%) in Wales switched during the past year.

YouGov found that while 44% of people in Wales will visit multiple supermarkets to get the best deal, people across the nation have stuck with the more expensive Standard Variable Tariff (SVT).

The average SVT from one of the Big Six energy suppliers has gone up from £1,009 in 2012 to £1,134.95 last year, but the cheapest deal in the market in October was £826.73.

Only 15% of people in Wales read reviews about their new supplier when they last switched, though the average dual fuel bill is £1,123.

Today marks the launch of Big Energy Saving Week – a push by the UK Government, Citizens Advice and the Energy Saving Trust.

Laura McGadie, head of consumer advice at the Energy Saving Trust, said: “Millions of households still aren’t accessing these savings. To put it into context, switching this year could save you up to £300 – equivalent to more than a month’s worth of food shopping.”