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Today’s news that Theresa May is under pressure to act on consumer energy prices represents the latest round in a series of finger pointing without any benefit being delivered to consumers.
In the context of UK energy prices at historic highs of £1,0961 per year, it’s more important than ever for consumers to ensure they take action themselves, by moving to the best available tariff with their existing supplier, or by moving to an alternative supplier.
Despite the Competitions and Markets Authority investigation of 2015 and various Tory and Labour manifesto policies since, over 50% of UK energy customers are still on the wrong plan, meaning that on average we waste £127 per year on energy bills, according to data from Onedox, the household dashboard service.
The most recent Ofgem data also reflects that this is not simply a case of the Big Six suppliers being much more expensive than the rest of the market, but more that consumers don’t switch tariff or supplier once their fixed term contracts come to an end. As a result, they automatically default onto more expensive tariffs.
David Sheridan, CEO of Onedox said “Most consumers still don’t realise that they need to take action each year in order to make sure they aren’t automatically charged higher prices. Whether switching or moving to a new tariff with an existing supplier, the best thing consumers can do is help themselves save money, by changing tariff every twelve months”.
How Onedox can help:
In a survey conducted with 95 customers who had recently switched energy suppliers with Onedox, 93 of them said they would use Onedox again to switch suppliers. Customers loved the simplicity, the ease of switching and ultimately saving money.
Interestingly, 45% of the respondents revealed they had not changed energy suppliers in the past three years (prior to switching with Onedox) and the other 50% had only moved once or twice in the past three years, which means that energy customers in the UK are not taking advantage of better deals by switching providers more often.
Onedox currently manages almost £10 million in yearly UK household bills ranging from utility bills like gas and electricity, broadband and mobile phone to paid subscriptions like Netflix and Spotify.
1. [Based on the average spend of a sample of 2,740 UK energy customers]↩
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