Covid-19 Impact on UK Energy Market

Energy Market News and Updates
March 8th, 2021
Covid-19 Impact on UK Energy Market

COVID HITS ENERGY TARIFF SWITCHING FIGURES

“It’s incredible to think that approximately £2.6 billion could be saved, if as a nation we were all aware of just how easy it is to switch and save on energy.”

  • 436,000 fewer consumers in 2020 switched energy supplier for better tariff amid pandemic
  • More than 50% of UK homeowners could be saving by switching from variable to fixed tariffs, totalling £2.6 billion in potential savings nationally according to Free Price Compare
  • Regionally the biggest collective savings to be made are in the South East at £345 million
  • With a price cap rise in April, variable tariff customers advised to switch to fixed rates

Hover over a region to see how much could be saved

“2020 was certainly a very difficult year for many, with COVID-19 having a negative impact on many household incomes. Although you would think this might mean more consumers reviewing their regular spending and monthly direct debits, when it comes to switching to cheaper energy tariffs with an alternative supplier, fewer people were doing so last year – in fact over 436,000 less than in 2019. This trend seems to be continuing into 2021, and could be purely because consumers have more important things on their minds than energy bills – despite the fact that savings could be considerable during such uncertain times when many of us are also working from home using more gas and electricity.” Shailesh Ramani, 2021

Interactive map and infographic data sources include fixed tariff prices from Free Price Compare suppliers, variable rates from energy providers regionally, UK household figures from the Office for National Statistics. Compare Energy Prices

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