What’s happening on the energy market?
Energy customers who changed their supplier hit a six-year high last year, this is due to the fact that people are looking around for the best possible deal.
According to Ofgem, customers switched provider a whopping 7.7m times. This meant a saving of more than £200 each year.
The regulator also spoke of the sudden price hikes from some the UK’s biggest suppliers and how this could affect the competitivity of the market.
As well as this Ofgem said that these firms aren’t doing enough for around two thirds of customers.
In the next few weeks, standard tariffs in gas and electricity are set to go up at Npower, Co-operative Energy, First Utility, and Scottish Power. EDF will raise electricity prices.
Ofgem chief executive Dermot Nolan spoke of the increase in switching as being a “warning” to suppliers.
Nolan said: “If they fail to keep prices under control or do not provide a good service, they risk being punished as customers vote with their feet,”
“While today’s figures show good progress, the market is not as competitive as we would like.”