The price of energy switches has dropped to a new low
The price of energy switches has dropped to a new low: Last month, energy switching activity reached a new low as prices continued to rise, forcing providers to abandon the market and customers to rely on suppliers of last resort (SoLRs).
According to the most recent ElectraLink statistics, approximately 112,000 transfers occurred in December.
That is lower than the previous month’s record low and over 77 percent less than December 2020.
According to ElectraLink, the old ‘Big Six’ energy suppliers saw their client base rise in the last months of the year, when the energy crisis was at its greatest.
Transfers of SoLR and voluntary shifts to more well-known brands aided these providers in increasing their market share for the first time in a decade.
According to the statistics, at the end of August 2021, major brands accounted for 56 percent of consumers in the United Kingdom, but by the end of December, their market share stood for 59 percent of customers.
The price of energy switches has dropped to a new low: