New data from ElectraLink has found a 79% increase in energy supplier switching in Britain last month compared to October 2022.
According to the energy data transfer operator, this is the highest monthly total since late 2021, when switching crashed due to the energy crisis.
ElectraLink attributed this trend to an increase in domestic switching, as the energy crisis begins to slowly settle, and suppliers start offering more competitive energy deals.
The data showed that 269,000 changes of supplier (CoS) were completed in October 2024, with switching between large suppliers taking the majority at 132,000.
Although each category of switch saw an increase between September and October this year, ‘other to other’ supplier switching saw a huge increase of 187% to 38,000 between September 2023 and October 2023, making up 14% of the total CoS completed in the latter month.
|Type of CoS||Number of CoS||Increase from September 2023||% of total CoS in October 2023|
|Large to Large||132,000||7%||49%|
|Large to Other||54,000||8%||20%|
|Other to Large||44,000||26%||17%|
|Other to Other||38,000||187%||14%|
The month-on-month increase was attributed to more Small and Medium Enterprises (SMEs) and some large company CoS’.
Domestic CoS decreased however which ElectraLink noted might be due to the latest Ofgem price cap change, which – implemented in October at £1,834 – dropped by £240 from the preceding cap.