Energy Supplier loses over 370,000 customers in one year yet still makes £1.4bn!


May 21, 2014
Energy Supplier loses over 370,000 customers in one year yet still makes £1.4bn!

One of the big 6 has made headline news again; surprised? No not really. What with massive profits and more recently massive fines from industry regulator Ofgem; articles on energy companies are never far from the broadsheets.

The latest headline shouts of SSE profits rising by 9.6% to £1.4bn, whoopie doo I hear you shout but when you read the detail, you soon learn that this energy giant has actually lost 370,000 customers in the last year; a whopping 4% of their customer base. I wouldn’t want to be the chap in charge of their customer services that’s for sure!

The chief executive of SSE is reported to say that “people have switched, however, I think a lot are satisfied as they are still staying with us”. Really? Would you be happy if you had to tell your shareholders that you lost 370,000 customers? Talk about putting a positive spin on things.

I guess we shouldn’t expect anything different from our arrogant energy suppliers; they have certainly come in for some justifiable stick in recent months so this sort of headline only adds to the already negative view most of the British public have towards them.

Of course if truth be known we poor customers don’t really help ourselves. We are quick to moan about the cost of our energy but do we do anything about it? Well no not really. What can we do? We’re just mere customers at the mercy of the money hungry energy suppliers, aren’t we?

Well there is something you can do which doesn’t involve you moving from your chair; only takes about 30 minutes and certainly won’t use up much of your energy and that’s ‘Switch Energy Supplier’.

Personally I think there should be a law that states that you can’t moan about your energy supplier until you have switched at least once! Oh and yes, I have moved energy supplier a number of times over the years so I am allowed to moan!

With so many comparison sites offering energy providers products and prices all in one place at the touch of a button, shopping around couldn’t be easier; you just choose the best deal, complete your application online or pick up the phone. All you need are your bank details for payment, postcode and your most recent energy bills showing your itemised gas and electricity units and costs. Simple.

Usually gas and electricity combined, or dual fuel as it’s commonly referred to  will give you a better deal, so you should compare dual fuel prices on a couple of comparison sites to find the best tariff; for example Moneysupermarket, Gocompare and of course Over50choices supplied by The Energy Shop.

The price hikes last year did see an increase in people switching to lower tariffs with many moving onto a fixed tariff from one to five years, secure in the knowledge that they are on a better deal and won’t have to shop around for the duration, but we mustn’t lose momentum.

If you are one of the many who haven’t switched yet, you haven’t missed the boat; it could still pay you to do so. Don’t just wait for the next price increases to be announced to move energy supplier. Don’t just complain and do nothing about it. Switch today and see how much money you could save.  

Anyway back to moaning about Energy Suppliers! It’s interesting don’t you think how the Big 6 are quick to point out that the majority of their profits aren’t made from their consumer businesses, but from  their wholesale and transmission businesses. That may be true, but surely the whole process needs to be more transparent if they are ever going to regain our trust?


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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