More and more people are shopping around for new deals on their energy, according to new figures from Ofgem.
The energy regulator said 6.1 million households switched their energy deal in 2015, up 15% (around 820,000) on the year before.
It’s the highest number of switches since 2011, with 40% choosing to go for an independent supplier rather one of the ‘Big Six’ energy firms made up of British Gas, npower, SSE, Scottish Power, EDF and E.ON.
Rachel Fletcher, Ofgem senior partner, said: “It’s encouraging to see switching levels at their highest level for four years. With more than 30 suppliers active in the energy market and hundreds of pounds of savings to be made, it’s a great opportunity to shop around.”
Shopping around
Ofgem says households could save an average of £200 on their energy bills by moving to another deal.
The Competition and Markets Authority (CMA) is currently investigating the energy market after Ofgem raised concerns about soaring profits and firms charging households that don’t switch more.
It is due to release its verdict and remedies to improve the market in March, with a final report to be published on 25th June.
How much could you save?
All of the big energy firms have cut standard gas prices by at least 5.1%, however none have made any reductions to standard electricity prices despite wholesale costs falling.
Read Gas and electricity tariffs: the latest energy company price cuts.
It's important to remember that the standard tariff is usually a firm’s worst tariff, and the one you get moved to when a fixed deal comes to an end.
So don’t be fooled by the price cuts. See how much you can save by switching to the cheapest deals around. The ten cheapest deals around today are listed below.
|
Energy supplier |
Tariff name |
Average UK price* |
|
First Utility |
First Fixed April 2017 v4 |
£762.19 |
|
Go Effortless |
Domestic Energy January 2016 v1 |
£764.10 |
|
Extra Energy |
Fresh Fixed Price Oct 2017 v1 |
£770 |
|
So Energy |
So Caterpillar |
£773.24 |
|
Extra Energy |
Bright Fixed Price Oct 2017 v1 |
£775 |
|
Places for People |
Together February 2017 fixed 31 |
£778.27 |
|
E.ON |
Energy Fixed 1 Year v19 |
£779.32 |
|
Extra Energy |
Clear Fixed Price Oct 2017 v1 |
£781 |
|
npower |
Fixed Energy Online March 2017 |
£782 |
|
GB Energy Supply |
Premium Energy Saver |
£787 |
Prices based on average consumption as measured by Ofgem of 12,500kWh of gas and 3,100kWh of electricity and a customer paying by monthly direct debit including VAT.
See how much you could save. Compare gas and electricity deals today