Verastar reports on data recently released by trade association Energy UK, which illustrates that almost two million consumers have switched energy providers in 2016 so far.
Supplier switching
Industry portal Utility Week reports that over 350,000 consumers changed energy companies in May 2016. This signals a 47% increase from May 2015, meaning that just shy of two million consumers have taken their business to a different energy provider this year so far. Further data indicates that consumers are gradually turning to small and mid-tier providers.
Energy UK reported that small and mid-tier energy companies earned a net gain of 98,866 consumers in May 2016. This signals 27% of all switches, a slight decrease from 33% the previous month. Over a third (39%) of all switches in this time frame were between larger businesses, while 39% were from larger to small and mid-tier providers and 10% were between small and mid-tier companies.
Energy Switch Guarantee
Increased switching figures may have been facilitated by Energy UK’s Energy Switch Guarantee. This programme features a series of ten commitments developed by energy providers which are designed to supply consumers with a “simple, reliable and hassle-free way” to change energy companies.
Commenting on this research, Energy UK Chief Executive Lawrence Slade noted: “It’s fantastic news to see that nearly two million people have switched supplier since the beginning of the year. The new Energy Switch Guarantee will give customers the extra boost of confidence to engage in the market.
“Industry has been working hard to put customers at the heart of what we do, and with the Competition Markets Authority set to give its final recommendations, the Guarantee is certainly a step in the right direction. The aim is to reach out to those customers who have never switched before, so hopefully we’ll get millions more households engaging in the market.”
Finding effective service
Increasingly, consumers are seeing the benefits of switching away from the Big Six energy companies to independent suppliers. This is corroborated by statistics recently quoted by Utility Week. 2.2 million consumers have switched from the Big Six to independent companies throughout the previous year and 7.1 million consumers have taken this action throughout the previous five years.
If small business owners are seeking an alternative to the Bix Six, switching to a specialist commercial energy supplier such as kinex can prove especially advantageous. A brand operated under the Verastar umbrella, kinex supplies the first rate, cost effective energy and water services which small businesses require to streamline operating costs, in order to maximise vital revenue.
Verastar
Verastar is a leading provider of essential business services to micro SMEs, operating under the following brands: kinex, Clear Business Water, Titan Telecom, Marble Telecom, Economy Gas and 118777 Limited. Our business model is focused on providing a spectrum of consolidated services that disrupt traditional markets and create great savings, efficiencies and value for our customers.
