Switching between large energy suppliers has surged to a 30-month high, reaching levels not seen since late 2021 when switching activity virtually vanished.
Last month, there were 135,000 electricity changes of supplier (CoS) among large suppliers, surpassing the 132,000 CoS recorded in October of the previous year, according to ElectraLink.
The increase in switching activity among large suppliers coincides with significant growth in their customer bases.
This growth can be attributed to several factors, including Supplier of Last Resort (SoLR) events, acquisitions and a potential decline in consumer trust in smaller energy brands following numerous exits from the market in 2021.
Breaking down the figures, large-to-large switches accounted for 135,000, constituting 6% more than in February 2024 and representing 60% of all CoS completed in March 2024.
Meanwhile, large-to-other switches remained steady at 49,000, comprising 22% of the total CoS completed in March.
Other-to-large switches increased by 9% from February to reach 29,000, making up 13% of March’s total CoS.
Other-to-other switches saw a slight decline, totalling 11,000, representing 5% less than in February and 5% of March’s total CoS.
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