Electricity switching figures remain steady in Q1 of 2018

The number of electricity customers switching suppliers remained steady in the first quarter of this year, new Energy UK figures show.

According to the energy trade body’s latest monthly switching snapshot, published on Friday (20 April), 474,235 customers switched electricity suppliers in March. This is down on the figure of 536,658 recorded for the same month in 2017.

However, analysis of the figures shows that the number of customers switching suppliers during the first quarter of the year saw a much smaller dip from 1.3 million in 2017 to 1.29 million this year.

In 2017 a record 5.5 million – or one in six – electricity customers switched provider.

Small and mid-tier suppliers made the biggest gains with a quarter of total switches in March from larger to other providers.

Small and mid-tier suppliers recorded a net gain of 112,894 switches, equating to 24 per cent of the total number.

Of overall switches, 37 per cent were from larger to small and mid-tier suppliers and 13 per cent in the opposite direction.

Nearly a third of switches (29 per cent) were between larger suppliers and 21 per cent were between small and mid-tier suppliers

Energy UK also reported that confidence in switching is high with nine in ten customers happy with the process according to the Energy Switch Guarantee (ESG), a voluntary industry initiative to provide additional consumer confidence in switching.

Lawrence Slade, chief executive of Energy UK, said: “Finding a better deal can save customers a lot of money. Either checking with your existing supplier – or seeing what’s on offer from over 60 suppliers on the market – is well worth the effort. And with the Energy Switch Guarantee in place, consumers can be sure that the process will be simple, speedy and safe.”