"Save cash"

More switching of electricity and gas suppliers in 2023

Last year, 345,649 customers across Austria switched their electricity or gas supplier. This is a significant increase compared to 2022. "After the end of the lock-in period, many took the opportunity to save money again by switching supplier (...)", said E-Control Executive Director Wolfgang Urbantschitsch. 

In terms of numbers, it was mainly electricity suppliers that were switched last year, although the switching rate for gas was higher at 7.9 percent (compared to 3.9 percent for electricity). The highest switching rate was in Lower Austria. Here, more than one in ten people changed their electricity tariff (10.6%) and around one in seven (14.9%) changed their gas supplier. "The switching rates in Lower Austria represent the highest switching rates ever achieved in a federal state since the start of liberalization," said Urbantschitsch. This shows that customers are now reacting more sensitively to prices.

The switching rates in Lower Austria represent the highest switching rates ever achieved in a federal province since the start of liberalization.

E-Control-Vorstand Wolfgang Urbantschitsch

Lowest rates in Vorarlberg
There were also many changes of electricity supplier in Vienna and Upper Austria, followed by Upper Austria and Styria for gas. In contrast, the lowest switching rate was in Vorarlberg. Basically, the electricity and gas bill consists of three components: the pure energy price - where a change of supplier is possible -, the location-based grid tariffs and taxes and levies.

Here you can see how the gas price has developed between 2021 and February 2024.

Gas price has fallen significantly
The price of European natural gas fell to its lowest level in over half a year at the start of the week. In the morning, the TTF futures contract on the Amsterdam exchange was at times trading at €25.82 per megawatt hour (MWh). This meant that gas was cheaper than it has been since last July.

At times in 2022, more than EUR 300 per megawatt hour was due after the Russian government severely curtailed its gas supplies to Europe. The start of the war in the Middle East caused the price to temporarily rise above €50 again last October, but then the trend reversed in November.

Since the beginning of the year, the commodity has been around 20 percent cheaper. Experts explain the fall in prices in part by the rather weak economy in the European Union (EU).