5 million looking for cheaper gas and electricity

More than five million domestic energy customers looking for cheaper deals switched suppliers in 2007, according to regulator Ofgem.

The figure was the highest for five years and came ahead of the latest raft of gas and electricity price rises.  The “vigorous competition” in the industry has resulted in Scottish and Southern Energy becoming the second biggest energy supplier in Britain.

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Ofgem claims that 5.1 million households switched supplier in 2007, compared with 4.8 million during the previous year and 4.3 million in 2005.
The regulator said that there was competition over tariffs, including fixed-rate deals, online account deals and green electricity tariffs.

It claimed that, on average, anyone yet to switch and who paid by cheque, cash or plastic could save £92 on their annual bill.

All of the big six energy suppliers have raised gas and electricity prices for domestic customers in 2008, often by double-digit percentages, pushing the average annual household bill above £1,000.

Consumer group Energywatch said that the good news on switching should not mask the issue of rising bills.

“For millions more consumers switching to a cheaper tariff is either fraught with difficulty or just plain impossible,” added Adam Scorer, Energywatch director of campaigns.

“No-one can seriously think that switching, by itself, provides the answer for Britain’s besieged energy consumers.”

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rising energy costs

    With the rising energy prices a recent poll on moneysupermarket.com revealed that the majority of consumers believe they are paying too much for their gas and electricity and that recent price increases are totally unjustified. Five of the big six energy firms - British Gas, EDF Energy, Eon, Npower and Scottish Power - have increased their gas and electricity prices by an average of 15% since the beginning of the year. The typical household now pays more than £1,000 a year for energy - up from around £650 three years ago.
What should consumers?
The message is simple - move to the best deal you can. Despite the recent price increases, there are still significant savings to be made.Six out of 10 households have never changed their energy provider and are still on the standard tariff paying quarterly by cash or cheque. By switching to an online tariff and opting to pay monthly by direct debit, the average household could save up to £260 a year. Which provider works out to be the cheapest, will depend on your consumption and whereabouts in the country you live. A gas and electricity comparison tool should identify the cheapest deal in your area - but here is an indication of how the providers compare:

*Payment by quarterly bill.
**Payment by monthly direct debit.
Source: www,moneysupermarket.com March 4 2008 There are a few things to bear in mind when comparing deals at the moment. Remember that SSE has yet to increase its prices, so if you opt for one of its deals, your bills may rise in the next few months. Also, while Eon and Npower have recently hiked the cost of their standard tariffs, the costs of their online deals have not changed, so they too may go up in the near future.Nevertheless, this shouldn’t put you off shopping around. None of the leading providers issue 12month contracts so you can easily move again should your rate rise sharply.
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