Revealed: The winners and losers of the energy postcode lottery

The winners and losers of the energy postcode lottery

 

Customers languishing on a standard variable tariff could cut, on average, 24 per cent off their energy bills

Those in the South West stand to save the most – 26.7 per cent, or £319 per household

A record 24,000 Brits switched electricity supplier and saved money every day in February, but many homes are still missing out

 

UK households could reduce their energy bills by an average of 24 per cent by switching away from their traditional energy supplier, new insight from MoneySuperMarket today reveals.

MoneySuperMarket analysed prices in the 14 UK energy regions to reveal where customers could make the biggest savings by switching away from their current supplier. Customers in the South West could see their bills drop the most, with potential savings of at least 26.7 per cent (£319) for those moving off their incumbent tariff and on to one  of the 30 cheapest deals available on the market. Those in North Wales and Merseyside could save 25.6 per cent (£301) and households in the South East could see their bills fall by 25.2 per cent (£295). 

Customers who have remained with their original supplier in Southern Scotland have the lowest overall average incumbent energy bill at £1,115 per year; but their potential savings from switching suppliers is still significant, standing at £238 a year.

 

Stephen Murray, energy expert at MoneySuperMarket, said: “In the wake of recent price rises from emerging suppliers and the likes of E.On, many are anticipating further price hikes from the remainder of the Big Six suppliers in the next few weeks.

“It’s very encouraging that record numbers of households are switching their energy and benefitting from lower bills. However, these numbers still represent fewer than one in five households in the UK, which means there are still around 11 million households languishing on expensive standard tariffs.

“If you’re one of those, take matters into your own hands and switch your energy supplier today. Switching couldn’t be simpler – it literally takes five mins online to secure yourself a competitive fixed rate deal, either with a Big Six supplier like British Gas, or one of the emerging suppliers like Octopus or Green Network Energy. As the figures show, the average household can save £250 or more and it’s a quick and easy way to bring your bills down.”

 

Region

Incumbent tariff - provider

Incumbent tariff - average bill value

Average bill value of 30 cheapest tariffs available on the market

Potential saving £

Potential saving %

South West

EDF

£1,196

£877

£319

26.67%

North Wales & Merseyside

Scottish Power

£1,178

£877

£301

25.56%

South East

EDF

£1,172

£877

£295

25.17%

West Midlands

npower

£1,167

£877

£290

24.90%

North East

npower

£1,166

£877

£289

24.79%

London

EDF

£1,165

£877

£288

24.72%

East Midlands

E.on

£1,148

£877

£271

23.61%

Yorkshire & Humberside

npower

£1,148

£877

£271

23.61%

South

SSE Southern Electric

£1,147

£877

£270

23.54%

North West

E.on

£1,145

£877

£268

23.41%

Northern Scotland

SSE Scottish Hydro

£1,138

£877

£261

22.93%

South Wales

SSE SWALEC

£1,136

£877

£259

22.78%

The East

E.on

£1,134

£877

£257

22.67%

Southern Scotland

Scottish Power

£1,115

£877

£238

21.35%

Average

N/A

£1,154

£877

£277

23.98%

 

For more information on how to save on your gas and electricity bills, visit: https://www.moneysupermarket.com/gas-and-electricity/switching-suppliers/

- Ends -

 

1 Research undertaken between 17th January 2018 and 18th January 2018 by MoneySuperMarket. Sample consisting of 1,000 UK adults. 

Based on Ofgem medium usage consumption, using dual fuel standard tariff from the incumbent electricity supplier. Sourced by MoneySuperMarket on 12.03.18

3 Data from Energy UK figures for Electricity Switching - February 2018

 

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