Electricity switching crashes to new low

Switches between electricity suppliers have crashed to their lowest ever level as the price crisis continues to grip the market.

In recent months, figures from Electralink have shown a continuing decline in switching as comparison services have either halted or severely restricted their offerings.

Only 131,000 switches were completed in November, the lowest number since records began in 2012, after October saw requests to initiate switches plummet. The previous lowest month on record was September 2013 with 204,000 switches completed.

The figure is 75% less than November last year when switching had recovered following the lull created by the Coronavirus pandemic.

Since the start of this year more than 4.8 million switches have been completed, 13% less than the same period in 2020 and 16% less than in January to November 2019.

Electralink additionally found that switches started last month also fell to an even lower level than the historic nadir reported for October. In November 161,000 switches were started which is the lowest figure since records began and 73% less than in November 2020.

Large suppliers, which include the legacy players as well as Octopus and Ovo, continued to be the most common destination for switching.

Of all switches in November:

• Large to large reached 66,000 – 50% of November 2021’s total switches completed
• Large to other reached 27,000 –20% of November 2021’s total
• Other to large landed at 25,000 – 19% of November 2021’s total switches completed
• Other to other hit 14,000 – 10% of November 2021’s total

Electralink said that its energy market insights analysts forecast December will be another record low and see approximately 120,000 switches complete.

Additionally as fewer people attempt switches over the festive period, switches started in December will likely be even lower than they have for the past two months.