moneysupermarket.com: consumers who have swapped energy suppliers

Commenting on Ofgem’s figures out today stating four million customers switched energy suppliers in the first 10 months of 2006, Paul Schofield, head of utilities at price comparison website moneysupermarket.com, said:

“Last year saw sustained hikes in energy prices, so it’s no surprise millions looked to combat their soaring bills by swapping to a cheaper supplier. The level of profit made by energy suppliers is huge, with gas prices having increased by 40 per cent on average since the beginning of 2006 and electricity prices having risen by 27 per cent over the same period. This is set against a backdrop of falling wholesale prices which energy providers have been reluctant to pass on to the consumer – there is simply no excuse for this.

“Energy prices have peaked for the time being and should start to fall over the coming months, but they remain historically high so we urge those who haven’t yet compared their current provider with others on the market to take action. moneysupermarket.com is now making a stand to help these people ditch their expensive power companies and get the cheapest energy deal by offering £30 cash-back to all customers swapping to a dual fuel tariff through its service. Those not going for a dual fuel tariff but making a switch will benefit from a single £17.50 payment.

“An average gas and electricity bill now costs as much as £631 and £377 respectively per year, according to moneysupermarket.com. Someone on a standard British Gas tariff paying £1,056 on average per year could save £144 annually by switching to Scottish Power. Opting for an online tariff could save as much as £200 per year.

“Our advice would be to shop around and our offer highlights the savings and the simplicity of swapping providers which should take just a few minutes.”