Georgie Frost, consumer advocate from GoCompare Energy, comments: “The reality is that moving from a big six to a ‘big five’ won’t fundamentally change the competitive landscape for consumers, but it is an indicator of the huge upheaval we are likely to see in the market in the next few years.
“The big providers are wrestling with a dual-fuelled conundrum of declining customer numbers and the potential eradication of their ‘cash cow’ standard variable tariffs (SVTs) due to the Government’s energy cap proposal.
“With energy companies increasing prices at the moment, consumers need to focus on preparing for the colder weather to come this winter and take action to reduce their energy bills by shopping around for a better deal. With savings of around £300 to be made, the best advice for people is to take advantage of the competition that exists in the market and switch.”
For more information on understanding your energy bills or switching your energy supplier visit: https://www.gocompare.com/gas-and-electricity/beginners-guide/
For further information please contact:
Anders Nilsson or Martyn John at GoCompare on 01633 654 054 / 01633 654 725
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to editors
GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
GoCompare does not sell its customers’ data.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).