Electricity and Gas switches peak in October 2018
Electricity switches were at their highest in seven years and gas the highest in eight years.
The most recent CRU ‘Switching Report for the Electricity and Gas Retail Markets’ has found that electricity and gas switches took a leap in October 2018 - with the highest rates recorded over the last seven years for electricity and over the last eight years for gas.
When it comes to electricity switches there were 32,331 switches in October 2018, the highest number of switches recorded since July 2011. And for gas 12,697 switches took place, the highest number since November 2010.
Speaking about the report, Aoife MacEvilly, Commissioner at the CRU said: “We are delighted to report a significant increase in the number of people switching electricity and gas providers in October. With average wholesale electricity and gas prices for the first half of 2018 higher than the average prices for 2017 and 2016, we would strongly encourage consumers to switch on to their rights and savings as consumers.”
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The rising cost of wholesale energy has been a main driver behind the spate of recent price hikes from suppliers with the latest increase from Energia hitting consumer pockets on New year’s Day. Eoin Clarke from Switcher.ie joins Ms MacEvilly in encouraging consumers to take action now before they see their bills skyrocket amidst these price rises.
Commenting on the latest hikes, Eoin Clarke, Managing Director of Switcher.ie said: “These back-to-back price rises are really concerning and consumers will no doubt be feeling unsettled, especially since higher bills are already emerging as we head into the colder, darker months of the year. At the moment, there are savings of up to €290 to be had by switching from a standard tariff to the cheapest deal on the market so it’s worth spending ten minutes comparing and switching to a new supplier.”