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.
The number of customers switching electricity supplier increased year-on-year for first time since May 2021.
In January 117,263 switches were recorded, according to the latest figures released by Energy UK. That represents a 24% increase on the 94,428 switches registered in January 2022.
It is the first time a year-on-year increase has been registered for 20 months.
January also saw a small monthly increase in the number of customers switching, up from the 108,392 switches recorded in December 2022.
Despite the year-on-year increase, the monthly number of switches is still a fraction of those recorded in 2021. Energy UK’s monthly breakdown adds: “2023 starts once again with switching figures being subdued due to the increase of wholesale prices, limiting the number of competitive deals in the market.”
The majority of switches in January were between larger suppliers (51%) with switches between large suppliers and smaller firms more or less cancelling each other out.
Movement between supplier groups, January 2023:
- 22% were from larger to small and mid-tier suppliers
- 19% were from small and mid-tier to larger suppliers
- 51% were between larger suppliers
- 8% were between small and mid-tier suppliers
Over the whole of 2022 switching activity was down 73%.
However, analysts at Cornwall Insight have predicted that with the average household bill under the EPG set to rise to £3,000 from April and decreasing wholesale prices lowering supplier costs, there is a good chance suppliers will be able to offer tariffs under the government’s cap. This could begin to happen “within a matter of weeks”, they say.
Please login or Register to leave a comment.