The latest electricity switching figures for May reveal a decrease in the number of customers switching to new suppliers.
Factors such as seasonal patterns and a slow rebound in domestic sector switches suggest that a return to historic levels may not be imminent.
Although this represents a year-on-year increase, it falls short of the figures observed in April (197,620).
The report suggests the majority (63%) of switches in May occurred between larger suppliers, while a smaller proportion were from larger suppliers to small and mid-tier suppliers.
Since December 2020, the market’s larger suppliers, as per Ofgem‘s revised classification, consist of British Gas, bulb, EDF Energy, E.ON, Octopus Energy, OVO (including the domestic business of SSE), and ScottishPower.
Ofgem defines larger suppliers as those holding a market share of 5% or more in either fuel.