Energy debt rises, according to new study

Between 1 July 2019 and 31 December 2019, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £479 or more.

A recent study has revealed that energy debt is on the rise, according to an article published by Energy Live News.

The study displayed that 35% of those currently in energy debt owe more than they did last year, with just 13% owing less.

On average, customers owe an outstanding debt worth £131.

The news comes as another study has shown suppliers have absorbed some of the rise in energy costs themselves.

Researchers from the Government and Reuters news undertook to compare gas and electricity prices for the decade up to 2012 - and found they were huge compared to retail rises in the same ten-year period. Suppliers faced wholesale gas hikes of more than 185% , whilst wholesale electricity prices have risen some 130%.

Consumers have felt the pinch as gas soared by 96% and electricity costs by 83% during the same time period: which accounts for the rise in fuel poverty and indebted customers. However, the Reuters study shows that energy suppliers have absorbed some of these increases themselves, rather than pass the rises onto consumers - something many billpayers possibly would not have believed when the increases were first announced.

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