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Loyal energy customers in UK overpaying £5.4bn every year

Staff Writer |
Energy companies are being overpaid some £5.4bn a year by customers who stay loyal to the same supplier, a new study has found.

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A survey for the comparison site energyhelpline has revealed that a third of UK households, who have stuck to the same supplier for at least five years, have spent £18.7bn more than they needed to.

For the 15% of households who have not switched to a cheaper supplier for between five and 10 years, that equates to a loss of between £1,000 and £2,000.

The 7% who have remained loyal for 10 to 15 years have lost between £2,000 and £3,000 and the 10% who have stayed with the same supplier for longer than 15 years have lost at least £3,000 each.

The website warned that remaining loyal to one provider risks an overall rise in energy prices.

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