What is an annual energy statement?

Published:

01 July 2010

Topic:

News,Gas & Electricity

This month, a new rule comes into force that means you'll soon receive an annual energy statement from your gas and electricity provider. But what information will it include and how will it help?

This is great news, because it means customers can more easily see how much power they've consumed, meaning it will be far easier to compare different providers and find a better deal.

Scott Byrom, moneysupermarket.com's head of utilities, said this will empower people to find the cheapest gas and electricity deal for them.

He explained: "By making energy bills clearer and more transparent, bill payers are armed with the information they need to make good financial decisions.

"Annual statements with a clear indication of how much bill payers estimated energy expenses will be for the next 12 months will make it easier for the savvy switcher to shop around for a better deal and to ensure they are on the best and most competitive tariff for their circumstance."

Switching certainly makes sense for most. If you're on a provider's standard tariff, then you could save an amazing £348 a year by swapping to the cheapest deal. People using the moneysupermarket.com energy comparison save an average of £174 - so there are real gains to be made.

When will I receive my first annual energy statement?

Providers have between now and the start of December to send their customers a statement, so you should receive one over the next few months.

What's in it?

Your statement will tell you the name of the tariff you're on, how much power you've used in the last 12 months, and an estimate of how much your bill will be over the next year if you stay on that tariff and keep using the same amount of energy.

It will also show you any discounts of premiums you could qualify for, for example, if you changed to direct debit instead of paying by cheque.

The statement will also remind you that you can switch energy providers and point to advice on how to do so.

Don't hang around

But if you're paying more than you need to for gas and electricity, don't wait for your annual statement. After all, if you don't receive it until late November then you'll have wasted months of potential savings.

Use our site to compare gas and electricity prices now and you could save hundreds of pounds a year.

Related Links

• Compare tariffs from UK gas and electricity providers

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