Record profits may trigger switches of energy supplier

Between 1 January 2020 and 30 June 2020, people who switched energy supplier for both gas & electricity with Uswitch saved an average of £387.

The record profits announced by power providers following a freezing December in the UK may lead many people to make a switch of energy supplier.

According to a recent research, profit margins at some of the country's largest fuel firms have risen by 50 per cent in the last four months.

"I think the consumer has become slightly jaded and cynical perhaps because of some of the behaviour we have seen from the companies," Ofgem head Alistair Buchanan states.

Despite the hike in profits, many of the main dual fuel providers have chosen to increase their prices in recent times.

Indeed, only those on a tariff with EDF Energy have survived the rises, as the company chose to freeze its charges until March 1st.

A glimmer of hope was given to consumers recently by Laurie Eve, director at Source Renewable, who said the feed-in tariffs scheme could help people to save money on their energy.

Posted by Anne Yevel

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