In our monitoring of the retail energy market for gas and electricity, we collect and analyse a vast range of data. Our retail market indicators give a snapshot of this monitoring. They draw from a comprehensive framework which underpins our ongoing monitoring, including our annual update on the retail energy markets in Great Britain. You can view these updates in the related publications section below.
Our interactive retail market indicators
Select from the below to view the indicators in detail and for an overview of our monitoring themes.
If you have feedback on the indicators, please contact us.
Retail highlights May 2021
Prices and Profits
As of April 2021, the average price of SVTs with large legacy suppliers for a typical dual fuel customer paying with direct debit went up by £96 to £1,138 compared to the previous month. This coincided with the new level of the summer default tariff cap, which came into effect on 1 April 2021.
The cheapest tariff basket increased slightly, from £914 in March to £921 in April.
As a result, the differential between the average price of SVTs for the large legacy suppliers and the cheapest tariff basket rose from £128 to £217. This is relatively high compared to the past six months, when the differential was under £200. However, it is far from the values in excess of £300 observed throughout 2019 and 2020.
The cheapest standard credit tariff among the large legacy suppliers increased to £1,153 from £1,121 in the previous month. On the other hand, the cheapest direct debit tariff in the market was the same price as the cheapest standard credit tariff, and £127 less than the cheapest prepayment tariff.
The weighted average price of SVTs for a dual fuel prepayment customer increased by £88 to £1,154. This is just below the summer prepayment cap level of £1,156, in effect from 1 April 2021. For the same period the cheapest prepayment tariff was £986, up by £2 from the previous month. As a result, the differential between the average SVT and the cheapest prepayment tariff increased to £168 from £81.
See Prices and Profits.
In March 2021, the number of switches increased by 34% compared to February 2021. This increase may have been driven by suppliers’ price increase announcements following the entry into effect of the summer price cap levels on 1 April 2021.
In electricity, switches were up from 431,976 to 593,570 and in gas from 304,201 to 391,608. This was the highest number of electricity switches since April 2019 and the highest number ever recorded for the month of March.
In March 2021, the proportion of net gains in switching away from the large legacy suppliers was 37% of total switches for gas and electricity combined, up from 31% in February 2021.
Prices and profits
We look at trends in external switching (between suppliers) and internal switching (with the same supplier) to understand levels of consumer engagement. We also look at average switching times, an indicator of process quality.
Methodology and sources
We have selected this range of indicators to support general understanding of the market, including how they contribute to the key priorities outlined in our strategic narrative. We also aim to provide a picture of the market where it is not produced elsewhere, or where there is scope for us to set a clear methodology for the data.
Our data comes from sources that are either publicly available, provided by third parties or from responses to Ofgem information requests. Specific sources and relevant dates are listed with each indicator. We are grateful to third parties for allowing us to reproduce their data.
Most of these indicators will be updated quarterly while still allowing access to historic information. Updates will depend on the availability of data for an indicator.
We will review the indicators periodically to ensure they continue to help promote transparency and understanding of the retail energy market and as additional sources of information become available.
These market indicators and data are not intended for use or to be relied on for any commercial purposes. View copyright and disclaimer