Energy Switching Rates Still in Decline despite Govt. Efforts
A recent report by CentreForum has suggested that efforts to encourage consumers to engage with the energy market and switch suppliers to get a better deal, have not been as successful as may have been expected.
As well as the nationwide ‘Power to Switch’ campaign, industry regulators Ofgem have been working closely with energy suppliers to make it easier for consumers to switch. Switching times have been halved, the number of available suppliers has increased drastically, and the information on energy bills has been made clearer – all in the name of increasing competition, and making it easier for customer to get a better deal.
But, the number of people switching suppliers has been in a general descent since 2008, and did not appear to have slowed in wake of the recent push.
Energy suppliers have come under criticism as a result of this, and have been blamed for deliberately presenting information on bills in a confusing way. The report conductors suggested suppliers were running a deliberate “confusopoly” in order to deter customer from switching – all for the sake of their own profits.
How much more will have to be done to wake ‘sleeping’ customers up, and create healthy levels of competition and engagement in the energy market? It may be the case that it’s now the consumer’s turn to play their part in ensuring the energy market becomes a fairer place for all – and stays that way.
If you haven’t switched your energy supplier recently, then there’s a chance that you could stand to save up to £200. Click here to run an energy price comparison today.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.