Standard content for Members only
To continue reading this article, please login to your Utility Week account, Start 14 day trial or Become a member.
If your organisation already has a corporate membership and you haven’t activated it simply follow the register link below. Check here.
Switching in the energy retail sector is showing “early signs of a recovery”, with customers moving between large suppliers driving the increase.
Almost 150,000 (148,810) customers switched to a new supplier in February 2023, an increase from January (117,263) and up by 55% compared with the same period last year.
“Whilst switching remains well below pre-crisis levels, there are early signs of a recovery in people changing domestic electricity supplier, with a 38% growth in households switching month-on-month between January and February 2023,” Energy UK’s latest update said.
In February 2023, of all switches:
- 19% were from larger to small and mid-tier suppliers
- 16% were from small and mid-tier to larger suppliers
- 62% were between larger suppliers
- 4% were between small and mid-tier suppliers
Last month Energy UK reported that the number of customers switching electricity supplier increased year-on-year for the first time since May 2021.
Elsewhere in the sector, Electralink has also recorded a boost to household switching last month.
It found that 149,000 switches completed in February, up 56% year-on-year and 27% month-on-month.
“February’s figure is also the second highest monthly total since November 2021. The highest month since then is October 2022 with only a few hundred more completed CoS (changes of supplier) than February 2023,” the company said.
Of all switches in February 2023:
- Large to large was 84,000 – 57%
- Large to other totalled 27,000 – 18%
- Other to large switches reached 28,000 – 19%
- Other to other switches landed at 9,000 – 6%
Please login or Register to leave a comment.