Nearly 16 percent of gas and electricity customers shopped around for a better deal and changed supplier, saving up to £230 ($286) a year, according to Ofgem, the industry regulator.
What now?
Some of the UK’s biggest suppliers including Npower, Scottish Power, Co-operative Energy and First Utility have all announced plans to increase standard gas and electricity tariffs in the coming months.
Npower will raise its dual-fuel annual energy bills by an average of 9.8 percent from March 16.
EDF said it will just raise electricity prices.
Ofgem chief executive Dermot Nolan said the increase in customer switching should act as a “warning” to suppliers planning price hikes.
“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,” Nolan said.
“While today’s figures show good progress, the market is not as competitive as we would like.”
About two thirds of energy customers remain on standard variable tariffs or pre-payment deals. They are more expensive because the unit prices per kilowatt hour of electricity are not fixed, so they can go up or down at any time.
