Energy switches hit new record low

The former Big Six became ‘bigger’ during 2021, according to a new report

Pathway to COP26 report

Energy switching activity hit a new record low last month as prices continued to soar pushing suppliers to exit the market and leaving customers to suppliers of last resort (SoLRs).

The latest ElectraLink report estimates nearly 112,000 switches took place during December.

That is lower than the record low set the month before and almost 77% less than December 2020.

ElectraLink also suggests that the former ‘Big Six’ energy suppliers saw their customer base grow during the last months of the year while the energy crisis was at its peak.

SoLR transfers and voluntary switches to more well-known brands helped these suppliers increase their market share for the first time in a decade.

The data shows at the end of August 2021, large brands held accounts with 56% of customers in Britain while at the end of December their market share accounted for 59% of customers.

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