Chart of the week | Is switching recovering after lockdown lows?

Energy UK’s electricity switching statistics for October show that there were 591,156 supplier switches during the month. This figure is down 6% on October 2019, and is the lowest switching seen in an October since 2016. Yet, switching has reached a high for 2020 despite COVID-19, even though that high is down on what we have seen in previous years.  

More generally though, we have seen a steady rise in the annualised electricity switching rate over the last four years with it reaching 22% in Q320. While this usually represents an increase in consumers choosing to engage in the market for the first time, Ofgem’s Consumer Survey for 2019 reported a rise in the proportion of energy consumers that are repeat switchers, from 12% in 2018 to 18% in 2019.

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