The number of people switching electricity and gas providers rose in the last three months of 2024, according to new figures from the Utility Regulator.
Its latest report shows that new entrant Share Energy became the fastest growing energy supplier last year, and now provides over 3,000 homes with power.
The Utility Regulator releases quarterly reports on the energy market in Northern Ireland, tracking domestic as well as commercial and industrial (C&I) customers.
The latest release for the fourth quarter of 2024 shows that almost 25,000 customers switched electricity supplier in the period, while over 600 customers switched gas suppliers.
Electric Ireland lost 5,600 connections in that timeframe, as it continues its withdrawal from the domestic market in NI. By contrast, Budget Energy saw 3,600 people switch to them for electricity.
In the domestic markets, the number of switches, and the rate of switches, went up in quarter four compared to the previous three months, as 24,939 people, or 2.7%, switched provider as against 24,058 or 2.6% in quarter three.
Business customers in contrast were less likely to switch in the last quarter than the prior period, with 1,187 switches occurring for a 1.5% rate, compared to a 1,397 or 1.8% over the previous three months.
Power NI remains the most popular electricity supplier for market share, holding almost 60% of the market. SSE Airtricity is second with 17.5%, and Budget Energy is third with 12% of the overall market.
In the gas market, two firms account for almost 99% of total connections. SSE Airtricity has a 64.3% share of the market while firmus has 34.4%.
And Share Energy was the fastest growing energy provider in NI, as the new firm continued to grow its customer base in the final three months of the year.
It went from the ninth most popular supplier to seventh place, and now has 3,313 registered electricity connections. The majority of these were domestic prepaid or credit connections.
Share Energy became the latest company to enter the energy market in NI in the second half of last year.
It promotes itself as having a low standard rate, and a plan to deliver a once-per-year dividend to customers if the company is in profit.
Damian Wilson, Share Energy CEO, said: “It’s fantastic to be recognised as the fastest growing electricity supplier in NI.
“As a new locally-owned addition to the market we are delighted with the way the public is embracing what we stand for by being part of a small revolution up and down the province.
“Our compelling combination of market leading prices, best in class service, underpinned by our commitment to share our profits 50-50 with our customers is really shaking things up.
“We also have a referral program that rewards both the customer and whoever they invite to join Share Energy.
“It’s clear a growing number of people are coming to realise there is now real choice in the local electricity market and it’s really easy to switch.”
News Catch Up – Friday 14th March