London, U.K. — (METERING.COM) — October 19, 2007 – In the first seven months of 2007 2.8 million customers switched their electricity supplier and 2.3 million switched their gas supplier, according to U.K. regulator Ofgem, showing that customers are continuing to hunt for the best deal even as suppliers have lowered their prices.
Research from Ofgem shows that all customers who have not switched supplier can save money by doing so. Average yearly savings range from £60 ($120) for direct debit and £86 ($175) for standard credit, but it is prepayment customers who can save the most – around £100 ($200). In some regions this can be as great as £170 ($240) per year.
But there is more to gain from switching than just better prices. Suppliers are competing not only on price but also on innovation and quality of service. Research has shown that customers will switch because of poor service and companies know that if their service is poor they will lose customers.
Ofgem Chief Executive Alistair Buchanan said: “With 2.8 million households switching in the first half of the year the heat is still on suppliers to offer customers the best deal for their energy. With winter drawing in and all suppliers having lowered their prices, now is a good time for all customers to check whether they are getting a good deal for their energy.
“This is particularly true for prepayment meter customers, who can reap savings on average of £100 if they have never switched supplier. We also want to highlight the benefits of changing how you pay for your energy and the special tariffs many suppliers offer to those struggling to pay their energy bills.”