Switching still on go slow
February’s electricity switching figures, published today by Energy UK, show that numbers remain low with a total of 96,242 customers moving to a new supplier last month – 79% less than the same period last year.
This continues follows the pattern seen in the last few months of 2021, when switching numbers fell sharply, as well as January this year. Record wholesale prices have seen a big reduction in the number of deals on offer with customers deciding to remain on price capped ‘default’ tariffs, which are currently the cheapest on the market.
Most of the switches were completed between large suppliers – 57% of the total number of switches in February.
Matthew Cole, the Independent Chair of Energy UK’s Energy Switch Guarantee said:
“Unsurprisingly in the current circumstances, switching numbers remain subdued - although it’s still important that those customers who want to switch suppliers can do so quickly and easily.
“With no sign of energy prices falling for the foreseeable future, this is likely to remain the case for a while. However switching – either to another provider or to another deal with your existing supplier - will play an important role when the market recovers and we are looking at how the Energy Switch Guarantee can best continue to support customers in future.”
Notes to Editor
- To see the latest monthly switching stats, please visit Energy UK’s website.
- From December 2020, larger suppliers in the market are British Gas, Bulb, EDF Energy, E.ON (including npower), Octopus Energy, OVO (including domestic business of SSE) and Scottish Power. This is based on Ofgem’s revised definition of classifying all suppliers with a market share of 5% or above in either fuel as larger.
- Gemserv Limited is the service company contracted by the MRA Service Company (MRASCo) to provide services in support of the MRA including the management of its governance and providing specialised expertise to MRASCo in support of the growing electricity retail market.
- The data referenced in these reports is for electricity only. These figures include both domestic (Profile Classes 1 and 2) and non-domestic customers (Profile Classes 3-8 and 0) but do not include customers transferred to another supplier as a result of the Supplier of Last Resort process (SOLR). Also, any switches between merged parties are considered as internal and are not counted in our switching statistics.
- These figures do not include internal electricity switching. Such statistics can be found on the Ofgem website.
- The Energy Switch Guarantee (ESG) is a set of 10 commitments – launched by Energy UK in 2016 – that makes switching simple, speedy and safe. The Guarantee covers nearly 80% of the retail energy market. Find out more on the ESG website.