By DARA BUTTERFIELD
A total of 100,000 more households switched electricity provider in February compared with January – an increase of around 50% from month to month.
The latest switching data shows that 317,000 households chose a new deal – well above the monthly average for 2014.
Net switches to small suppliers also increased to 82,000 – and 25% of all switches in February were to smaller electricity providers. What started as a trickle has become a strong flow as consumers increasingly lose trust in the Big Six suppliers who dominate the market following inflation-busting price rises that rocketed upwards but which fall like a feather.
Lawrence Slade, Chief Executive, Energy UK – the London-based trade association whose members include the Big Six – commented: “This increase in the number of customers hunting around for a new deal is very welcome news.
“There are more suppliers than ever before and cheaper deals are announced every week. This is clearly a buyers’ market so it’s great to see customers are taking advantage of the falling prices.
“However we will not become complacent. We want more customers to engage with the market and find the best deal for them. There is plenty of choice on offer, so, if a customer thinks they might be able to save some money they should call their supplier or log on to a comparison site see if they can save by switching.”
The switching data is supplied by Electralink who provide a secure service to transfer data between the electricity market participants. The company operates the Data Transfer Network (DTN) which underpins customer switching, meter interoperability and other business processes critical to a competitive electricity market.