There was a minor recovery for electricity switching figures in February following three consecutive months of all-time lows, Electralink has revealed.
While only 95,000 switches were completed last month – a 79% decrease when compared the same month last year – this was around 1,000 more switches than in January.
Switches started numbered 143,000 – a 77% year-on-year decease. However, this was 21% more than in January, breaking a five-month streak of all-time lows.
Electralink noted statements published in the media by personal finance experts, which encourage households and small businesses to agree a fixed price deal with their energy supplier in light of the recent spiralling wholesale energy costs.
The company’s analysis suggests that based on current levels of switching for early March, around 150,000 switches are expected to be completed this month. This is still far from the figures seen in March 2021, which recorded the second highest number of switches ever in a single month after 649,000 customers changed energy supplier.
In terms of switching types, switching between large suppliers accounted for a clear majority of total switches while switching between suppliers in the ‘other’ category saw the lowest monthly total yet.
- Large to large switches totalled 55,000 – 78% less than February 2021 and 58% of February 2022’s total switches completed
- Large to other switches numbered 18,000 – 80% less than February 2021 and 19% of February 2022’s total switches completed
- Other to large switches landed at 16,000 – 77% less than February 2021 and 17% of February 2022’s total switches completed
- And other to other switches totalled 7,000 – 85% less than February 2021 and 7% of February 2022’s total switches completed
You can read Utility Week’s latest analysis on switching here.