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Finance

Energy switching activity sees unexpected boost in February

February saw a surge in switching activity, thanks to a sudden spike in switching between major suppliers, says the latest report from ElectraLink analysts.

According to the data, there was a 56% year-on-year jump and a 27% month-on-month increase in Changes of Supplier (CoS), with a whopping 149,000 switches completed in February alone.

Analysts say this is surprising as February is typically a slow month for CoS, with most activity taking place in March and April when most of the contracts end.

The analysts at ElectraLink also noted a remarkable rise in domestic CoS compared to previous months since the switching market crashed in November 2021 due to numerous supplier exits.

In February, 123,000 households made the switch, which is more than a third higher than the 90,000 domestic CoS recorded in January.

This could be attributed to new tariffs or other factors that affect customer attitudes.

Moreover, February marks the second-highest monthly total since November 2021.

The only month with higher completed CoS since then is October 2022, with just a few hundred more than February.

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