Electricity switching remained heavily subdued in June, with the number of customers completing a change of supplier down 78% when compared to the same month last year, according to the latest figures from Energy UK.
Last month just 96,444 customers switched to a new supplier which was slight uptick when compared to May’s record low of 92,331.
More than half (58%) of switches completed last month were among large suppliers.
In June 2022, of all switches:
- 23% were from larger to small and mid-tier suppliers
- 12% were from small and mid-tier to larger suppliers
- 58% were between larger suppliers
- 7% were between small and mid-tier suppliers
Electralink has released its figures for the June, which showed a 78% drop compared to the same month in 2021.
It recorded a total of 96,000 changes of supplier in June, which is 5% more than May.
Energy UK has previously said that discrepancies between the two sets of figures likely arise from differences in their definitions of switches, including when they are judged to have been completed, as well as the way they are reported.
Electralink said owing to the fact a few companies began offering “relatively more attractive fixed price deals in June”, 128,000 changes of supplier (CoS) started last month which is 6% more than in May but still down massively when compared to the 586,000 switches started in June 2021.
“Based on analysis of current switches in the pipeline, our analysts predict approximately 94,000 CoS will complete in July. However, with the introduction of the Central Switching Service as of 18 July, forecasting switching activity will no longer be possible from August onwards based on Electralink data,” the company said.
It added that the latest monthly total means that 612,000 changes of supplier took place in the first half of 2022, compared to just shy of 3 million in the same period last year.
According to Electralink’s figures, of all switches in June:
- Large to large switches numbered 49,000 – 52% of June 2022’s total CoS completed
- Large to other switches amounted to 21,000 – 22% of June’s total
- Other to large switches came in at 15,000 – 16% of June’s total
- And other to other switches numbered 10,000 – 10% of June’s total