Skyrocketing wholesale energy prices seem to have taken their toll on the energy tariffs that are being available for the customers.
New research by Cornwall Insight estimates the difference between the ten cheapest tariffs on offer and the current default tariff cap for September 2021 stands at just £11 a year, compared to £291/year a year before.
The analysis finds that the cheapest ten tariffs on the market in April averaged £906/year for a typical dual fuel user, while the equivalent figure stands at £1,127/year as of 27th September, an increase of 24.3%.
In the meantime, the cheapest tariff available on the market has remained above £1,000/year for the last six weeks.
James Mabey, Analyst at Cornwall Insight, explained: “This reduction in potential savings for customers has caused the level of customer switching to reduce significantly.
“In fact, ElectraLink’s latest switching statistics found that 399,000 customers changed supplier in August 2021, a 24.7% decrease in August 2019 and the lowest figures seen in August since 2016.”