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Electricity switching saw a 73% dip in 2022 compared to the prior year, with government support schemes offering little incentives for consumers to change supplier.
According to the latest figures from Electralink 1.3 million changes of supplier (CoS) took place last year, compared to just under 5 million in 2021.
Electralink’s analysts say that as a result of the market turmoil a new monthly average has been established in switching, sitting around 100,000.
Including all the switching activity due to Supplier of Last Resort transfers and other commercial changes, the CoS process was still used more than 5.78 million times across 5.62 million unique MPANs.
“This is the lowest number of total annual CoS since 5.5 million switches occurred across 5 million MPANs in 2017. In 2022, the highest number of switches for a single MPAN was nine, compared to the 14 times an MPAN switched in 2021. Fewer than 50,000 MPANs switched more than once,” Electralink said.
In December 2022, 108,000 switches were completed:
- 50% were between large suppliers
- 23% were large to other
- 18% other to large
- 9% were between other suppliers
Meanwhile 117,000 were completed in January, contrary to the usual trend of fewer CoS events in January than in December.
Sharing similar stats recently was trade body Energy UK which recorded a 74% decrease on its 2021 figure of just over 5 million.
It recorded more than 108,000 switches in December. Of these:
- 24% were from larger to small and mid-tier suppliers
- 14% were from small and mid-tier to larger suppliers
- 57% were between larger suppliers
- 5% were between small and mid-tier suppliers
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