Winners and Losers in the Switching Game

December 13th, 2019
Winners

Figures from Freepricecompare.com reveal that consumers are dumping the big six in favour of smaller energy suppliers. Around 40% of energy switchers in December switched from suppliers such as BG, SSE, Scottish Power, E.ON, EDF and Npower to smaller suppliers like Extra Energy, Ovo and First Utility.

Extra Energy was the biggest winners attracting almost 30% of the new switchers, with First Utility and Ovo Energy making up the top three.

British Gas’s “Collective Fix” tariff proved popular accounting for over 30% of switches but they also had 15% of new switchers moving away from them.

Eon was the biggest loser with almost 25% of new switchers moving away from them.

Npower, SSE and Scottish Power had around 10% of energy switchers moving away from them.

The data also revealed around 40% switched from one big six supplier to another big six supplier and around 10% switched from one smaller supplier to another smaller supplier. Around 8% households decided to switch from a smaller supplier to one of the big six.

Shailesh Ramani, MD of FreePriceCompare.com said; “The market is changing, UK households are beginning to realise that there is no prizes for loyalty and the brand awareness, and brand recognition the big six enjoyed is eroding. People are moving to cheaper suppliers even if it is one they’ve never heard of, and the main driver of this change, is price. “

“There are still challenges, as only a small fraction of households make the effort to compare and switch.  Those between 30 and 40 are most receptive to switching but the elderly only make 2% of switches and some face the highest bills and on occasions are deciding between heating and eating. There needs to be more help to those vulnerable groups to find a cheaper energy tariff

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