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Consumer switching in retail electricity markets: Is price all that matters?

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  • Ndebele, Tom
  • Marsh, Dan
  • Scarpa, Riccardo

Abstract

We model consumer switching in retail electricity markets in New Zealand to identify important determinants of switching and estimate willingness to pay (WTP) for six non-price attributes of electricity services, namely, call waiting time, length of fixed rate contract, renewable energy, loyalty rewards, supplier ownership, and supplier type. The results provide important insights into residential consumer switching, which inform policy and enable suppliers to differentiate their products. The analysis is based on 2688 choice responses generated using an online choice experiment administered to a sample of 224 residential bill-payers. A latent class model is used to distinguish important determinants of switching and preference heterogeneity. We find that non-price attributes of electricity services are significant determinants of consumer switching. Three latent classes with distinct preferences for the attributes are identified. The first class (40%) is mainly concerned about power bills and would switch supplier to save at least NZ$125 per year in power bills, ceteris paribus. This value mainly captures the status quo effect or preference for incumbent traditional suppliers. The second class (46%) exhibits no status quo preference, values all attributes, and particularly dislikes entrants from other sectors. These suppliers must charge NZ$135 per year less than traditional suppliers for a 50% chance of attracting customers. The third class (14%) consists of captive and loyal customers who are unlikely to switch supplier for any realistic power bill savings.

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  • Ndebele, Tom & Marsh, Dan & Scarpa, Riccardo, 2019. "Consumer switching in retail electricity markets: Is price all that matters?," Energy Economics, Elsevier, vol. 83(C), pages 88-103.
    • Handle: RePEc:eee:eneeco:v:83:y:2019:i:c:p:88-103
    DOI: 10.1016/j.eneco.2019.06.012
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    5. Calzada, Joan & García-Mariñoso, Begoña & Suárez, David, 2023. "Do telecommunications prices depend on consumer engagement?," Information Economics and Policy, Elsevier, vol. 62(C).
    6. Massimo Dragotto & Marco Magnani & Paola Valbonesi, 2021. "Consumer inertia and firm incumbency in liberalised retail electricity markets: an empirical investigation," "Marco Fanno" Working Papers 0277, Dipartimento di Scienze Economiche "Marco Fanno".
    7. Esplin, Ryan & Best, Rohan & Scranton, Jessica & Chai, Andreas, 2022. "Who pays the loyalty tax? The relationship between socioeconomic status and switching in Australia's retail electricity markets," Energy Policy, Elsevier, vol. 164(C).
    8. Dariusz Dudek & Marcin Lipowski & Ilona Bondos, 2021. "Changing Energy Supplier on the Market with a Strong Position of Incumbent Suppliers—Polish Example," Energies, MDPI, vol. 14(13), pages 1-16, June.
    9. McGowan, Féidhlim & Papadopoulos, Alexandros & Lunn, Pete, 2023. "Who switches and why? A diagnostic survey of retail financial services in Ireland," Papers WP748, Economic and Social Research Institute (ESRI).
    10. Heloísa P. Burin & Julio S. M. Siluk & Graciele Rediske & Carmen B. Rosa, 2020. "Determining Factors and Scenarios of Influence on Consumer Migration from the Regulated Market to the Deregulated Electricity Market," Energies, MDPI, vol. 14(1), pages 1-18, December.
    11. Amenta, Carlo & Aronica, Martina & Stagnaro, Carlo, 2022. "Is more competition better? Retail electricity prices and switching rates in the European Union," Utilities Policy, Elsevier, vol. 78(C).
    12. Groh, Elke D., 2022. "Exposure to wind turbines, regional identity and the willingness to pay for regionally produced electricity," Resource and Energy Economics, Elsevier, vol. 70(C).
    13. Xinyi Xie & Liming Ying & Xue Cui, 2022. "Price Strategy Analysis of Electricity Retailers Based on Evolutionary Game on Complex Networks," Sustainability, MDPI, vol. 14(15), pages 1-17, August.
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    15. Erdogan, Murside Rabia & Camgoz, Selin Metin & Karan, Mehmet Baha & Berument, M. Hakan, 2022. "The switching behavior of large-scale electricity consumers in The Turkish electricity retail market," Energy Policy, Elsevier, vol. 160(C).
    16. Bernadeta Gołębiowska, 2020. "Preferences for demand side management—a review of choice experiment studies," Working Papers 2020-05, Faculty of Economic Sciences, University of Warsaw.

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    More about this item

    Keywords

    Consumer switching; Choice experiment; Preference heterogeneity; Willingness to pay; Retail electricity markets; Latent class model;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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