In August, there was a notable surge in energy supplier switching across Britain, with numbers skyrocketing by almost 98% compared to the same month last year.
That’s according to new data from ElectraLink, which suggests a total of 216,000 switches were recorded, almost double the number recorded in August last year.
The spike in switching activity coincided with the drop in the Ofgem price cap, leading suppliers to introduce more competitive deals to the market.
However, it’s worth noting that many of these deals are either exclusive to existing customers or priced above the current price cap, often accompanied by high exit fees.
Year-to-date, a total of 1.3 million changes of supplier (CoS) have been completed, a substantial increase compared to 838,000 during the same period last year.
Breaking down the types of CoS, switches between and to large suppliers experienced a noticeable uptick in August.
Specifically, large-to-large switches reached 121,000, representing a 6% increase from July 2023 and constituting 56% of August 2023’s total CoS.