Switching energy suppliers: It's not all about the money

Deller, David, Waddams, Catherine, Giulietti, Monica, Loomes, Graham, Moniche, Anna and Jeon, Joo Young (2021) Switching energy suppliers: It's not all about the money. The Energy Journal, 42 (3). ISSN 1944-9089

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Abstract

Many consumers do not take advantage of lower energy prices available in liberalized retail markets. We provide evidence to explain why consumers may leave substantial amounts of “money on the table” in this way. We observe real decisions made by over 7,000 consumers in a collective switching auction, supplemented by their responses to a survey. We identify factors which may inhibit switching and show that expectations of high switching rates in an unregulated market may be unrealistic. Our findings have important implications for the design and regulation of energy markets, including imposition of price caps on “default” retail tariffs in 2019 in the UK and parts of Australia.

Item Type:	Article
Faculty \ School:	Faculty of Social Sciences > Norwich Business School
UEA Research Groups:	Faculty of Social Sciences > Research Centres > Centre for Competition Policy Faculty of Social Sciences > Research Groups > Responsible Business Regulation Group
Depositing User:	LivePure Connector
Date Deposited:	08 Jun 2021 00:09
Last Modified:	19 Dec 2024 01:03
URI:	https://ueaeprints.uea.ac.uk/id/eprint/80216
DOI:	10.5547/01956574.42.3.ddel

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