We here at My Utility Genius have been telling customers for years they could be saving in excess of £160 per year by simply switching their energy tariff. Today the Competition and Markets Authority released its report into the Energy Markets on the back of the worrying rapid price increases over the past several years. We here at My Utility Genius have summarized the report into its key findings in order to help you decide whether or not it is time to switch energy suppliers.
Competition is warming up for your custom
The market is moving more freely into a competitive state from the traditional Big 6 energy suppliers. There are now 25 suppliers in the UK energy market, for which you can compare the prices of each one by entering your Energy details with My Utility Genius here today.
The cost of Energy for UK customers has rocketed through the roof
Between 2004 and 2014 Electricity prices rose by an average of 75% while the price of Gas rose 125% during the same time frame. Customer’s energy bills are now averaging £1200 per year.
Are you being overcharged?
The CMA reports suggests that the “Big 6” energy customers have been overcharged by approximately 5% each year. This means that UK energy customers in general have been overcharged by £1.2 billion each year for the past several years
Are you on a Standard Variable Tariff?
Energy customers who are on a Standard Variable Tariff are paying 10% more than they should by not being upon a fixed price tariff
The UK is slowly reducing its Green House Gas Emissions
The latest findings by the CMA suggest that Green House gases created by the UK Energy industry are roughly 30% lower than they were in 1990. This is helped by customer’s switching to Green Tariffs which are becoming more readily available through various energy suppliers.
Average switching gains equates to about 20% of your energy bill
The financial Savings from switching your energy supplier equates to roughly 20% of your energy bill per year
Have you complained about your energy provider in the past 5 years?
You are certainly not the only one who has complained to your energy provider in the past 5 years, with the number of complaints increasing 5 fold during this time period, with Billing Issues and Payment services the number one complaint during this time. You can now check the quality of service of all our suppliers, as rated by you their customers, by checking our suppliers profile pages.
Click here to access the full report.