Millions switch to cheaper energy supplierRecord number of customers changed last year

17 January 2007

 

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New figures out today show over four million people switched their gas and electricity supplier last year.

Energy regulator Ofgem says the number of people changing company was at least 750,000 higher than in 2005.

Ofgem Chief Executive, Alistair Buchanan, said: ‘Energy customers have given expensive suppliers the boot with over four million moving to a cheaper supplier in the first ten months of 2006.

‘This dynamic market is most dramatically illustrated by British Gas seeing their share of the household gas market fall below 50 per cent for the first time.

Price hikes

In December Centrica – which owns British Gas - said 978,000 accounts were cancelled following two large price hikes in 2006. But it said a fall in wholesale gas prices would trigger a fall in household energy bills in the spring of 2007.

Mr Buchanan added: ‘While British Gas has already indicated it will be cutting prices this year, Ofgem will be watching all energy suppliers to make sure they compete as wholesale prices fall as hard as they did when prices rose.’

Which? runs its own impartial energy price comparison site - Switch with Which? - where you can check which supplier offers the best deal for your gas and electricity.

Switch with Which?

People using the Switch with Which? service can save on average, £250* a year by changing their energy supplier.

* Average saving of people who switched using the site between 01 January 2006 and 30 July 2006 inclusive.