Energy mineLast year, 18% fewer households switched to another energy supplier, and this trend will continue in 2023. Volatile prices therefore seem to lead to a conservative stance Mijnenergie.be. This is a remarkable finding, as the federal energy regulator CREG recently pointed out a particularly large difference between the most expensive and cheapest prices on the market.
Written by Kurt Deman, in collaboration with Mijnenergie
Based on data from the Flemish energy regulator VREG, it appears that exactly 749,873 households switched to another electricity supplier in 2021. Last year this number dropped to 614,832. That is, a decrease of 18.1%.
Skyrocketing energy prices and the uncertainty resulting from the Russian invasion of Ukraine undoubtedly played an important role in this. After all, anyone who had a cheaper fixed rate at the time would have wanted to hold onto it for as long as possible. In addition, many energy suppliers have withdrawn their fixed rates from the market, reducing switching options.
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The downward trend continues more strongly this year. During the first four months of 2023, the number of switches was approximately 35% lower than in the same period last year. Latest data from comparison website Mijnenergie.be suggests stagnation compared to 2022 in June and July.
This development can be attributed to: Impact of market study by energy regulator CREGHe pointed out that two million families can save between 150 and 300 euros on their electricity bill. For natural gas, the saving potential for approximately 1.1 million households ranges from €200 to €250.
Saving potential remains high
Today, there are still equally high savings on hand. With the cheapest variable electricity rate for average consumption, you now pay an annual rate of €1,126.26*. The most expensive price is €1,313.30*. This price range can partly be explained by the significant welcome discounts offered by energy suppliers through comparison sites such as Mijnenergie.be attached.
The potential for natural gas supply goes the same way. According to CREG, the ten most expensive natural gas products represent 53% of the entire market, and the ten cheapest represent 15%. This means that many households could pay much less if they actively approached the energy market.
Furthermore, as a consumer, you again have a choice between fixed prices from seven energy suppliers. In June, only 24% of all households had fixed-rate contracts for electricity and 23% for natural gas. However, we now seem to be catching up.
*Calculation is based on energy prices at the end of August.
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This article is brought to you by our partner Mijnenergie.be.
Mijnenergie.be is an independent energy price comparison site for electricity and gas offers.
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