500,000 Supplier Switches Every Month is ‘New Normal’
Half a million customers switching supplier every month has become the ‘new normal’, according to industry trade body Energy UK.
A total of 487,231 customers changed to a new energy supplier in May. That is actually a decrease of 1.4% on the same month last year. However, there is a 14% increase over the first five months of 2019 compared to the first five of 2018.
Last year saw a record 5.8 million customers switching their supplier over the course of the whole year. So far this year up to and including May, a total of 2,606,747 customers switched their energy supplier. Assuming June sees similar numbers to May, this year will be well on course to break the record again.
Energy Consumers Have More Choice and Services ‘Than Ever Before’
The Chief Executive of Energy UK, Lawrence Slade, said in a statement, “Last month’s figures might not be record-breaking but it is worth noting that half a million customer switches every month has become the ‘new normal’. And with the number of suppliers doubling from 29 in 2015 to around 60 now, energy consumers have more choice and services offered to them than ever before.
“With cheaper tariff alerts on every bill, it only takes seconds to check whether you could save money with your current supplier, so I encourage everyone to check, call their supplier or have a look online to see if they can be on a better deal but more importantly invest in energy efficiency measures which is not only the best way to save on energy bills in the long run but also can help with decreasing their carbon footprint and saving the planet.”
Most Customers Who Switch Are Satisfied
Energy UK’s research shows that almost half of all Britain’s energy consumers have switched supplier in the last four years. A massive 83% of them have also reported feeling positive about the switching process.
The research also reveals 39% of those haven’t switched recently said they are happy with their current supplier’s service. Only 34% said they were satisfied with their current tariff, indicating there are many more consumers still seeking to switch.
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