Switching activity in February 2023 experienced an unexpected boost, primarily thanks to heightened switching activity between Large suppliers, according to the latest data from ElectraLink analysts.

Changes of supplier (CoS) jumped 56 per cent year-on-year and 27 per cent month-on-month after 149,000 switches completed in February. Even prior to the switching market’s collapse, February typically has been a month of relatively low CoS results before the end-of-contract surge bumps up activity in March and April.

ElectraLink analysts also point to the relative increase in domestic CoS compared to other months since switching collapsed in November 2021 due to mass supplier exits. 123,000 households changed supplier in February 2023 – over a third more than the 90,000 domestic CoS in January. This is potentially due to new tariffs on the market or other factors which influence customer perceptions.

February’s figure is also the second highest monthly total since November 2021. The highest month since then is October 2022 with only a few hundred more completed CoS than February 2023.

The data points to CoS between Large suppliers as the main driver of the latest figures. While other switching types increased marginally or decreased compared to January, Large to Large CoS increased 40 per cent. As mentioned earlier, this is potentially due to the availability of needs-focused tariffs or wider brand recognition.

In February 2023:

  • Large to Large switches jumped to 84,000 – 40 per cent more than January 2023 and 57 per cent of February 2023’s total CoS completed,
  • Large to Other switches totalled 27,000 – five per cent more than January 2023 and 18 per cent of February 2023’s total CoS completed,
  • Other to Large switches reached 28,000 – 27 per cent more than January 2023 and 19 per cent of February 2023’s total CoS completed,
  • And Other to Other switches landed at 9,000 – five per cent less than January 2023 and six per cent of February 2023’s total CoS 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, including after a contract expired.

All data is provided by EMPRIS.

Due to the introduction of the Central Switching Service in July 2022, ElectraLink is no longer able to provide data on CoS started.

ElectraLink has been granted the governance protections to hold, transfer and analyse CoS and other data.