Energy supplier switching returns to pre-crisis levels

By Finance News On Nov 14, 2024

Energy supplier switching in the UK has reached its highest point since April 2021, marking a return to pre-energy crisis levels.

According to new data from ElectraLink, 475,000 consumers switched energy suppliers in October 2024, a 76% increase compared to October 2023 and a 50% rise from the previous month.

This surge marks the highest number of supplier changes in over three and a half years, a period when the energy crisis had largely halted switching activity.

Analysts attribute this sharp increase to October’s typical spike in contract expiries.

As a result, both businesses and households were active in switching suppliers, setting a new monthly record of over 113,000 business changes of supplier (CoS) and 361,000 household switches.

The data also highlights patterns in the types of switching activity.

Large-to-Large supplier switches remained the most common, totalling 270,000 in October and accounting for 57% of all CoS in that month.