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Benefits of switching gas and electricity suppliers

Falling wholesale costs means 2 billion pounds could be saved on energy bills

2014 saw energy suppliers placed under the spotlight by the Government in a bid to ensure the British public gets the best possible deal on its energy bills. 2015 is no different as prices have only fallen by a tiny amount despite a huge fall in wholesale gas and electricity prices over the past 18 months.

The winter 2015 energy price drops were incredibly disappointing. Wholesale energy costs plummeted and petrol prices dropped dramatically, yet household energy bills barely moved. In fact, standard energy prices have only dropped by 2.5%. Our analysis shows that wholesale price reductions of 27% on gas and 15% on electricity could have yielded price drops of 10% to typical household gas and electricity bills so more is surely possible. Doing the maths 7.5% more off standard prices should be possible worth £1.7 billion.

The current UK energy market does not work well for loyal consumers. Prices have tumbled though for switchers so really only option people have is to switch.

If you don’t switch it’s only your energy supplier who is going to get rich.

Created: 26th Mar 2015, Last Modified: 7th Dec 2018, Switchomatic

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