After three consecutive months of all-time switching lows following dozens of supplier market exits and high wholesale energy prices, changes of supplier (CoS) in February ticked up slightly compared to the month before.
A mere 95,000 switches completed in February 2022 – 79 percent less than February last year. However, this is about 1,000 switches more than January this year, ending the recent streak of all-time lows.
Switches started in February performed better than those completed. The five-month streak of all-time lows was broken as 143,000 switches were started. This is still 77 percent less than February last year but increased on January 2022’s figure by 21 percent.
Some personal finance experts have published statements in the media encouraging households and SMEs to sign up to a fixed price tariff if possible and offers have been selling out. Based on current levels of switching in early March, our Energy Market Insight analysts expect around 150,000 CoS to complete this month.
In terms of switching types, as with the overall figure for the month, switches across types dropped compared to the same month last year. Switching between Large suppliers formed a substantial portion of total switches while switching between suppliers in the Other category saw the lowest monthly total yet.
- Large to Large switches reached 55,000 – 78 percent less than February 2021 and 58 percent of February 2022’s total switches completed,
- Large to Other switches reached 18,000 – 80 percent less than February 2021 and 19 percent of February 2022’s total switches completed,
- Other to Large switches landed at 16,000 – 77 percent less than February 2021 and 17 percent of February 2022’s total switches completed,
- And Other to Other switches hit 7,000 – 85 percent less than February 2021 and 7 percent of February 2022’s total switches completed.
For more information on CoS figures, or to find out how your organisation can access the CoS data we hold and provide for the energy market, contact [email protected].
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NOTES:
The above figures relate to electricity CoS in Great Britain only.
We do not include CoS from SoLR processes or trade sales in our monthly CoS reporting. We account for only voluntary switches, or instances where the customer made an active decision and took action to change supplier.
CoS started refers to the number of valid switches started, also known as CoS raised.
All data is provided by ElectraLink’s Energy Market Insights (EMI) from the Energy Market Data Hub.
ElectraLink has been granted the governance protections to hold, transfer and analyse CoS and other data.