Belgians do not know which energy contract to pick

Compare and get advice: a safe bet when addressing your energy bill. In fact, according to CREG, the Commission for Electricity and Gas Regulation, two million Belgian households have opted for the ten most expensive energy contracts on the electricity market and 1.2 million for the ten most expensive contracts on the gas market. So can we really do without energy saving advice?

Belgian households could save up to 500 euros

While prices have fallen on average by 10% in 2020, more than 1.4 million Belgians have not changed their electricity and gas contracts since 2007. So between those who have not changed their energy contract and those who have not opted for the most favourable offers, there are millions of Belgian households who have not benefited from the reduction in prices. According to CREG, in the Walloon Region, these savings could be up to 340 euros for electricity and 200 euros for gas. So really the explanation behind this lack of change or these bad choices is essential. And according to the expertise of the national regulator, it is the complexity of the administrative procedures and the contract terms that are to blame.

A lack of transparency and understanding are the main culprits behind this failure to achieve substantial savings.

Despite the fact that price is one of the main factors for considering a change in plan, not everything depends on it and a tempting promotion is not enough. In Belgium, consumers are faced with hundreds of available products (electricity and gas) and around 724 rate plans. The overwhelming number of plans dissuades many households from changing supplier.  And this comparison is made all the more difficult for households with a dormant contract that is no longer listed by price comparison websites. This winter, CREG estimated that 500.000 Belgian households still have one of the 14.596 dormant products (electricity and gas), which are several hundred euros more expensive per year than active products.