On 6 September, the UK energy regulator (OFGEM) published data showing that in Jan-Jun 2016 more than 3.8 million switches took place as people changed their energy supplier, of these:
- around 1.6 million domestic customers switched gas suppliers; and
- 2.2 million domestic customers switched electricity suppliers.
This represents around a million more switches than the same period in 2015. OFGEM’s data also shows that consumers have more choice than ever before, with over 40 suppliers to choose from.
However, despite this OFGEM reports that 66% of domestic customers are still on expensive standard variable tariffs. In response, OFGEM are taking forward the Competition and Markets Authority’s reforms to better protect those on pre-payment meters and to increase competition for all other customers.
The UK energy market has been fully competitive at the retail level since 1999, there are currently 43 companies competing to supply energy to UK consumers.