Should the Conservative party win the General Election on 8 June, we will see major changes to the energy market aimed at curbing rising energy bills.
By setting a cap on standard variable tariffs, they say that it would save £100 a year for the majority (70%) of people, benefiting 17-18 million households.
However, millions of people currently on cheaper energy deals could face a sudden increase due to the cap, while the new plan gives energy regulator OFGEM the power to reset the cap every six months as energy supplier costs change – so the actual price caps may only be only short-term.
The plans for a ‘price freeze’ are similar to those set out by Ed Miliband’s Labour manifesto in 2015, which put a cap in place. However, as with Labour’s 2015 proposals, many in the energy industry think that it will reduce competition and weaken energy investment.
In 2016 almost five million people changed their energy supplier, a record high and up a quarter on 2015’s figures. However that still leaves several million that remain on the same tariff year after year.
In highly competitive markets like gas and electricity, many customers loyalty, or reluctance to change, means they stay on the same tariff despite cheaper deals entering the market – or they remain with the same provider but end up paying more each month for the same thing.
Doing an energy switch could save you hundreds of pounds, with tariffs changing frequently and companies trying to get customers from their rivals and maintain their loyalty.
Our 2017 Big Telegraph Switch is now open. From 23 May until 19 June, we are aiming to bring you the cheapest deal by auction from the UK’s leading energy suppliers thanks to our Energy Helpline collective switch. We will then contact you after the 20th June with the winning tariff inviting you to switch with with no obligation. As previously we will of course display the winning tariff in context of the whole market to ensure you have the full picture.
Anyone who signs via Telegraph Energy Switching during this time will be eligible for a collective deal on their gas and electricity. We’ve partnered with Energy Helpline to help you switch today to find the cheapest deal on the entire market.
In the last collective switch we won a tariff of just £938 a year for dual fuel at medium usage, fixed for one year. This saved customers £128 on average compared to the average bill of £1,066 (Source: Ofgem).
Telegraph reader Robert Davies managed to save a whopping £723 from his annual energy bill by using our Big Telegraph Switch collective campaign.
“With my old supplier I experienced a large spike in my monthly bill, which my supplier couldn’t explain. My bill kept increasing so I thought it was time for a change,” Robert said.
“I noticed the collective campaign advert in the Telegraph so I decided to register. Once the deal was announced it was really simple to switch, and I would recommend it to anyone looking to reduce the cost of their household bills.”
He added: “I did a quick internet comparison and switched to the exclusive collective winning tariff from British Gas. I’ve now seen a decrease in the cost of my monthly direct debit, and I’m estimated to save £723 over the next year.”
If you also feel that you are paying too much for the energy you use, here’s what to do:
It takes just a few minutes to complete the basic registration to join our cheaper energy club, and compare the whole of the market, with our Big Telegraph Switch. Once we have secured a winning tariff, we will contact you with details of a no-obligation offer to switch.