En­ergy switch­ing hits record lev­els

The Daily Telegraph - Business - - Business - By Jil­lian Am­brose

THE num­ber of con­sumers switch­ing to a new en­ergy sup­plier rose sharply in the wake of a price in­crease from Bri­tish Gas, cre­at­ing the mar­ket’s big­gest yearon-year surge last month.

Fig­ures from En­ergy UK show that nearly half a mil­lion cus­tomers switched their en­ergy sup­plier in Au­gust, a 30pc jump from the same month last year. The record rise brings the num­ber of switches this year to 3.5 mil­lion, more than the num­ber of switches dur­ing 2014.

The fig­ures un­der­line the chal­lenge fac­ing the in­cum­bent en­ergy sup­ply gi­ants as they strug­gle against ris­ing com­pe­ti­tion. “The UK en­ergy in­dus­try is chang­ing, and at a rapid pace,” said Lawrence Slade, of En­ergy UK. “There are a record num­ber of com­pa­nies to choose from, and deals which could save you hun­dreds of pounds.”

The boom in cus­tomers shop­ping around fol­lows a 12.5pc price in­crease by Bri­tain’s largest en­ergy sup­plier. Bri­tish Gas held off on rais­ing prices ear­lier this year while many of its Big Six peers passed on ris­ing costs to cus­tomers. But its Aug 1 price an­nounce­ment is likely to have opened the gates to a del­uge of switch­ing.

It may also boost switch­ing fig­ures in Septem­ber as cus­tomers scram­ble to avoid the in­crease due to come into ef­fect this Fri­day. En­ergy UK data show that the vast ma­jor­ity of switches were away from larger sup­pli­ers.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.