12 million energy customers have not changed providers in 5 years

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16th May 2018 17:16 - Utilities

Twelve million energy customers have not changed providers in five years: A report published by smart meter company, The Labrador, has revealed many UK households have not changed energy providers over the last five years and 18 million believe they are on the best deal. . 
The Energy Profile Report 2018 compiled and analysed data from the firm's 'Labrador Retriever' device, which revealed the number of people paying energy bills based on actual meter readings was just 12% over the last decade. And, according to Labrador, less than 15% of energy customers pay for their gas and electricity based on meter readings.
The report also suggests that many people do not know the different offers energy companies have available for customers, with 5.5 million believing they offer the same, and almost 18 million thinking their tariff is the 'best deal'. It also revealed many users who are in rental properties (4 million), continue with the supplier set up by the landlord or a previous tenant when they move into a property. 
Uncertainty about energy bills 
According to the findings, 2.2 million people are unsure about whether their bills are calculated using actual or estimated meter readings and many do not know how much their electricity and gas is costing per month. 
Lack of knowledge surrounding bills could mean many households are paying more than they need to for their energy. In 2017, Ofgem said there were 13 million UK customers on "poor value standard variable rates", which could mean an additional £300 extra to pay in bills over the course of year. 
"Energy is one of the biggest household bills, but less than 20% of us switched provider last year," said Jane Lucy, founder and CEO of The Labrador.
"The Energy industry has profited for years as a result and done nothing but cause confusion and generate misinformation which is making the situation worse. People need a transparent service they can trust, that is committed to work for them.”

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