April saw a record low in the number of energy supplier switches started, the latest figures from Electralink have revealed.
Just 110,000 changes of supplier (CoS) were started last month, which is 37% less than the month before and the fewest in a single month since Electralink records began in 2012.
The company said with contracts ending each Spring, April typically shows relatively high numbers of switches started as customers seek cheaper deals.
Yet with a record increase to the price cap, Electralink said the appetite to change supplier has “flatlined”.
“Based on our typical calculations, Electralink analysts forecast fewer than 100,000 switches to complete in May,” it added.
Conversely switches completed saw an uptick compared to earlier in the year. In total 129,000 switches were successful last month – 19% more than March and the highest result since December 2021.
Electralink analysts said the increase is largely down to a steady number of SME switching compared to the sizeable drop in households trying to switch.
“Although fewer domestic CoS completed in April compared to March this year, non-domestic CoS increased in April compared to March, from 17,000 switches to around 53,000,” it added.
A new record was set on 1 April for the highest proportion of monthly CoS completed on a single day ever. Of April’s total switches, 35% were completed on the first day of the month which Electralink said was likely due to non-domestic energy contracts ending.
Of all switches:
- Large to large switches reached 47,000 – 36% of April 2022’s total CoS completed
- Large to other switches reached 38,000 – 29% of April 2022’s total
- Other to large switches landed at 19,000 –15% of April 2022’s total
- And other to other switches hit 25,000 – 19% of April 2022’s total