According to the latest figures, revealing 472,538 moved to a new supplier in April. This is a 29% decrease year-on-year from April 2019. The report also says 35% of switches in April were from larger to mid-tier suppliers, while 28% of customers moved between larger suppliers.
Audrey Gallacher, Energy UK’s Interim Chief Executive, said: “It is certainly not surprising to see that switching energy supplier is not a top priority for most people while they are getting to grips with lockdown life.”
Peter Earl, Head of Energy at comparethemarket.com, said: “Many people continue to face unprecedented challenges and an increase in the amount of time people are spending at home has seen the average household pay £32 per month more for their energy than before lockdown.”
However wholesale electricity prices dropped from £43.55/MWh to £24.18/MWh in April 2020, according to Uswitch. Data from UK-based price comparison service Uswitch also says a significant drop in global energy demand and wholesale prices has resulted in record-low tariffs.
These drops in prices mean there has never been a better time for customers who are using more energy than ever, to look at cheaper tariffs.
The cheapest tariff currently is the Fix'D 20 11.0 from Outfox the Market, costing just £764 and set for 12 months, while British Gas offer the lowest tariff from the Big Six with a plan at £806.