Energy supplier switching more than doubles in a year
In September, close to 222,000 energy supplier changes were registered, setting a new record, as indicated by the latest data.
Energy supplier switching has seen a remarkable increase, more than doubling over the past year, underscoring the ongoing recovery in the retail energy market.
According to the latest data published by ElectraLink, nearly 222,000 customers changed their energy supplier in September, marking the highest monthly total since a decline in such activity in late 2021.
This also represents the third consecutive month with over 200,000 switches.
Compared to the same month last year, September’s figures have surged by 120% and they are 3% higher than those recorded in August 2023.
Following the recent change in the Ofgem price cap for standard variable tariffs in October, numerous suppliers have yet to adjust their fixed-rate tariffs to fall below the cap.
Analysts at Cornwall Insight anticipate a potential price cap increase in 2024.
Since the beginning of 2023, there have been 1.6 million changes of supplier, compared to 932,000 during the same period in 2022.
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Link to original article: https://www.energylivenews.com/2023/10/17/energy-supplier-switching-more-than-doubles-in-a-year/