The increase in energy switches is rooted in the ongoing cost of living crisis, with bill payers looking to find ways to reduce the amount they spend on gas and electricity every month.
The rising cost of energy has been one of the biggest financial concerns for households this year, compounded by a number of ongoing events such as increasing inflation, the conflict in Ukraine, as well as Brexit.
With energy prices at record levels, a record number of households have also been trying to save money by switching supplier.
In its latest Customer Switching Report for the electricity and gas markets, the Commission for Regulation of Utilities (CRU) has outlined exactly that - the extent to which consumers are switching - amongst other valuable insights into the residential energy market here.
We take a look at the CRU’s latest report below to see what’s been happening.
Increase in switching figures
Electricity market
The CRU’s latest report highlights a huge 51% increase in the number of electricity switches in March 2022 compared to March last year.
Taking a closer look at the figures, the number of electricity switches for March 2021 was 26,800, while the equivalent number for March 2022 came in at 40,575.
The regulator also recorded a 45% increase in the number of electricity switches over the course of almost a year. 417,139 switches took place between May 2021 and March 2022, while 287,434 took place between May 2020 and March 2021.
Gas Market
Meanwhile, in the gas market, the CRU registered a 67% increase in the number of monthly gas switches.
In March 2021 a total of 8,335 customers switched supplier, while the number of gas switches for March 2022 was 13,952.
Similar to the electricity market, the CRU also highlighted a big increase (26%) in the number of gas switches over the course of almost a year. The number of gas switches between May 2021 and March 2022 was 130,659, increasing from 102,409 gas switches between May 2020 and March 2021.
How suppliers are faring
Electricity
When it comes to energy suppliers’ net switching position - whether or not a supplier is winning more customers than it is losing in a given month - it is none other than Electric Ireland who is coming out on top.
Between the CRU’s last switching report in May 2021 and March 2022, Electric Ireland has gained a total of 45,541 customers.
This may be unsurprising to many considering Electric Ireland has had some of the best deals on the market recently for both electricity and dual fuel.
To put this into context, during the same timeframe Bord Gáis Energy's net switching position was only +6,790, while Energia lost -12,481 customers.
The electricity company which lost the most customers during this time was Panda Power with -13,217 customers moving from the company.
Here’s a closer look at the net switching position for all electricity suppliers between May 2021 and March 2022:
|
Electric Ireland |
Energia |
SSE Airtricity |
Bord Gáis Energy |
PrePay Power |
Pinergy |
Panda Power |
Others |
|
|
May 21 - Mar 22 |
+45, 541 |
-12,481 |
-749 |
+6,790 |
+1,589 |
-4,211 |
-13,217 |
-16,555 |
Gas
Electric Ireland is also leading the net switching position for gas, gaining the most customers (+25,397) from May 2021 to March 2022.
Flogas lost the largest number of customers during this time (-10,113), with Bord Gáis not far behind (-9,021).
PrePay Power gained the second highest number of customers in the period at 3,387.
You can see the net switching position for all gas suppliers below:
|
SSE Airtricity |
Bord Gáis Energy |
Electric Ireland |
Energia |
Flogas |
PrePayPower |
Panda Power |
Iberdrola |
|
|
May 21 - Mar 22 |
-2,031 |
-9,021 |
+25,397 |
-8,006 |
-10,113 |
+3,387 |
-3,405 |
-1,643 |
Switch and save!
The big increase in the number of households switching energy supplier has a lot to do with the continuing rising cost of gas and electricity, which are now at record levels.
But by switching supplier you can save big money.
So if you're out of contract, or you haven’t switched in the last 12 months or more, you should consider doing so today.
The good news is that we make comparing and switching your energy bills very simple on bonkers.ie. You can browse the latest and most up-to-date tariffs available from every supplier in Ireland.
So get switching and saving on bonkers.ie today!
Don’t forget, we also help you to compare prices across a range of different products. Check out our broadband, banking, and insurance comparison tools to learn more.
Get in touch!
What do you think of the latest switching figures? Have you switched recently too? We’d love to hear from you in the comments below.
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