The number of customers switching electricity supplier in January far outstripped the figure for the same time last year, Electralink’s latest stats have revealed.
In total there were 207,000 changes of supplier (CoS) last month – 3% more than December and 76% more than the 117,000 CoS recorded in January 2023.
Additionally the six-month moving average has more than doubled from just above 100,000 switches per month in January 2023 to over 220,000 switches per month this January.
Electralink further revealed that switches between large suppliers saw a month-on-month decrease, despite accounting for most of the switching activity last month, while all other types increased:
- Large to large switches reached 124,000 – 3% fewer than December 2023, and 60% of January 2024’s total CoS completed
- Large to other switches totalled 44,000 – 16% more than December 2023 and 21% of January 2024’s total CoS completed
- Other to large reached 26,000 – 2% more than December 2023 and 13% of total switches completed
- Other to other switches landed at 13,000 – 27% more than December 2023 and 6% of the total
Major uncertainty following the pandemic and war in Ukraine resulted in two years of supressed market activity.
Last month however, Energy UK revealed that electricity switching saw a “slow and uncertain rise” in 2023.
In total the trade body recorded almost 2.3 million switches last year, a more than 73% increase on the year before (1.3 million) but still a 55% decrease on 2021 (5 million).