Loyal customers of the Big Six energy providers could have saved an average of between £158 and £234 per year, according to the Competition and Markets Authority (CMA), which has released findings from its investigation into the energy market.
If you are a customer of one of the Big Six energy suppliers; British Gas, Npower, SSE, Scottish Power, Eon or EDF, and you are on a standard dual fuel tariff covering both electricity and gas, then the odds are you could save money by switching to another supplier.
Find out how much you can save on your energy bills and switch to a different supplier by using Which? Switch.
Loyal energy customers lose out
The CMA’s findings suggest that millions of loyal customers could save by switching or changing from the standard tariff with their existing supplier.
The Big Six suppliers made 12% more per unit of electricity and 13% more for gas from those on standard variable tariffs than customers who had fixed or other deals from the same supplier.
Half of the customers it surveyed said they had never switched supplier, and around a third said they had never even considered switching, or thought that it was impossible.
Energy market – Which?’s view
Which? executive director, Richard Lloyd says:
‘This is a watershed moment for the energy market as the CMA confirms what we’ve known all along: that competition is not working for consumers. The competition and Markets Authority now needs to develop a set of solutions to repair the market and make it work for everyone, not just the suppliers.
This must include establishing a fair price that people can trust, to restore consumer confidence in the energy system. Consumers will also be looking to politicians of every party to set out how they’ll deliver fair and affordable energy prices in the future.’
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