“Over 95 per cent of the dual fuel customers of the Six Large Energy Firms could have saved by switching tariff and/or supplier” says competition inquiry

The Competition and Markets Authority (CMA) is investigating the energy market – and its latest publication has confirmed what campaigners have been shouting from the rooftops for a long time, that if you stay loyal to one supplier you will almost certainly be paying too much for your energy.

The figures that have been published by the CMA could not be clearer.

The updated issues statement says:  “Comparing all available domestic tariffs – including those offered by the independent suppliers – we calculate that, over the period Quarter 1 2012 to Quarter 2 2014, over 95% of the dual fuel customers of the Six Large Energy Firms could have saved by switching tariff and/or supplier and that the average saving available to these customers was between £158and £234 a year (depending on the supplier). “

The “big six" energy firms - SSE, Scottish Power, Centrica, RWE Npower, E.On and EDF Energy – supply around 92% of the UK's energy.

The CMA report says that between 40% and 50% of electricity customers have been with a supplier for more than 10 years. For one supplier the figure is as much as 70%.

The CMA describes these customers are "less educated, less well-off, more likely to describe themselves as struggling financially, less likely to own their own home, less likely to have internet access, more likely to be disabled or a single parent".  They are "more likely... to think switching is a hassle, that there are no real differences between suppliers and that something may go wrong if they switch".

If you haven’t checked how much you are paying for your electricity recently, there are several websites which can help, including www.moneysavingexpert.com, www.uswitch.com and www.switch.which.co.uk

You will need to know how much gas and electricity you use in a year; this information is now shown on all your bills.

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