Energy switching decreased by 70% in November compared to the same period last month.
That’s according to the latest report by Energy UK which suggests 139,070 customers changed supplier, this is the lowest monthly figure since October 2013.
The figures show so far this past year (2021), almost 4.9 million customers have changed supplier, an 11% decrease compared to the equivalent period in 2020.
The steep fall was expected given the current conditions of the retail market, the authors of the report said.
A few months ago, a recent analysis by ElectraLink said collapses of suppliers led to a record low of energy switches in October – 67% fewer than in the same month in 2020.
Matthew Cole, Independent Chairman of Energy UK’s Energy Switch Guarantee, said: “There’s no financial reason for customers to switch away from default tariffs and this is likely to remain the case in the near future.
“Once we are through the current upheaval, the retail market is going to look very different to how it did earlier in the year but there will still be an important role for switching between suppliers and between the tariffs an individual supplier offers– albeit, in a market where price is no longer the only consideration and other factors like service quality and innovative new, tailored, products attract customers.”