360,000 households paying too much for their energy

Energy watchdog CREG says 360,000 households are paying up to 600 euros too much for gas and/or electricity. Worst off are people on fixed tariffs who signed up several years ago.

CREG urges consumers to compare what they are paying to other offers on the market using their online tool CREGScan.

It’s not only households that are paying too much: 20,000 small businesses could each save around 3,500 euros it’s thought. Some 600,000 households and 70,000 SMEs have failed to switch provider in recent years explaining why so many people are missing out.  Interestingly, many consumers who do change provider don’t necessarily opt for the cheapest one. Switching provider is easy.  You only have to give one month’s notice.  Few are the formalities that need to be fulfilled.  All you need to provide are meter readings.

Even people staying with the same provider will do well to check their provider’s website to see if a better deal is not on offer.

CREG recommends you check the competition at least once a year, especially if you have been with the same provider for three or four years. You won’t always be able to make 600 euros’ worth of savings, but every little helps.