312,480 households switch electricity supplier

The number of people switching electricity supplier rose to its highest level in three years in 2014 as consumers sought to minimise the cost of bills.

Figures from the Commission for Energy Regulation show 312,480 households changed electricity supplier last year.

With claims by consumer experts that families could save up to €300 a year on their energy bills by switching to a cheaper supplier, switching rates are on the rise again.

New entrants in the increasingly crowded market fared.

Energia gained almost 39,000 net new customers, while PrePayPower attracted a net increase of more than 27,300 customers, with both companies claiming to offer some of the cheapest rates in the market.

The biggest losers were the more established suppliers, including Airtricity, which suffered the biggest net loss with more than 31,500 customers switching to other providers.

Electric Ireland recorded a net loss of almost 25,300 customers and Bord Gáis Energy saw its customer base for electricity decrease by just under 18,000.

CER figures show switching rates between gas suppliers was less intense with 109,750 households changing their provider during 2014 —down 6% on the previous year.

Energia was again the main winner in the gas market, adding almost 24,700 net customers, while Electric Ireland grew its customer base by just over 17,000.

Bord Gáis Energy suffered the biggest decline, dropping over 35,400.

A survey by the National Consumer Agency last year found 17% of respondents claimed they had switched at least one of their energy suppliers in the previous 12 months.

Energy suppliers have been criticised for failing to pass on sharp drops in the international price of wholesale oil and gas.

Energy Minister Alex White met with the management of energy companies in recent weeks to express the Government’s concern.

Bord Gáis announced it would reduce its prices by 3.5% for gas and by 2.5% for electricity, while Airtricity has stated its gas prices are being reduced by 4% and its electricity prices by 2%.