Winter Collective Energy Switch - result
The winter auction took place in February. Unfortunately suppliers were not able to bid with tariffs below, or even close to, the new Ofgem Price Cap which takes effect from 1st April. This means that after this auction iChoosr have been unable to secure tariffs that offer savings to participants. Their advice, as it was following the Autumn auction in October, remains the same: now is not the right time to switch.
What has happened
The last few months, and indeed the last year, have been very unusual for the energy market, with persistently high and fluctuating wholesale prices.
Open market tariffs remain above both Ofgem’s current Price Cap and the new higher Cap introduced from 1st April. The Price Cap limits what suppliers can charge on a variable tariff. As the market stands, there are no savings to be made by switching from a Standard Variable Tariff (SVT) to a fixed tariff.
We now find ourselves, once again, in a situation where the best advice for residents is to not switch. iChooser understand this is disappointing but are confident that this is the right decision.
What now
iChooser's advice to residents is:
- If you are on a Standard Variable Tariff, don’t switch:
We would suggest they might want to stay on their Standard Variable Tariff. Their current energy supplier may offer them a fixed tariff which they may want to consider accepting if it is cheaper than remaining on the Standard Variable Tariff. This is unlikely right now. - If you are on a fixed tariff, don’t switch:
Assuming they fixed their tariff before the recent rises in the market, this is likely to represent a good deal compared to what is in the market now, so they will want to stay on their fixed tariff until the end of their contract.
Residents are being advised to ‘rollover’ their registration details into the next available auction. By this time we, and suppliers, will see the impact of the new Price Cap and may be in a better position to secure favourable switching offers for participants.
Further information can be found on the Big Community Switch - Cambridgeshire Energy Switch website.
We have partnered with iChoosr, the UK's leading expert in collective energy switching, to deliver bespoke and highly competitive energy tariffs. Collective Energy Switching means you benefit from the bargaining power of a large group.
Many people are paying too much for their gas and electricity and haven't changed supplier in years, if at all. They can end up paying far more for their energy bills than they should. iChoosr goes to pre-vet energy suppliers and asks them to underbid each other, with the best priced tariff winning, to ensure you get a competitive offer. The scheme only offers electricity from renewable sources.
Taking part in the Cambridgeshire Energy Switch is free and without obligation. The more people that participate in the scheme, the more likely people will be able to achieve cheaper energy prices and better deals. The energy tariff offer is exclusive to residents switching through the scheme and iChoosr will handle the entire switching process for you. The average household can save £254 on their bills.
This is part of a nationwide Collective Switching scheme, bringing together thousands of people from across the country looking for a better energy price. Last year, over 178,000 people registered across the country, saving switchers over £5.5 million.
Who can participate
Participation is open to all residents as well as small and medium enterprises (SMEs) in the United Kingdom. As the service switches your energy supplier, we require the bill payer to sign up. The easiest way to sign up is with our short, quick and easy online registration.
Please watch in YouTube for more accessibility options. - opens in a new tab
Contact details
Visit: Big Community Switch website
Email: hello@bigcommunityswitch.co.uk
Telephone: 0800 048 8285 (Monday to Friday, 8am - 5.30pm)
