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Increase in April electricity supplier switching

Energy UK's April 2024 figures show a 26% monthly and 19% yearly increase in electricity customers switching suppliers, with most activity among large suppliers

Energy UK has reported that 235,000 customers switched electricity suppliers in April 2024.

This marks a 26% increase from March 2024 and a 19% rise from April 2023.

The rise in switching is attributed to the non-domestic sector, which aligns with the April contract round.

The majority of the switching activity, accounting for 61%, occurred between large suppliers.

A few days ago, Ofgem announced the energy price cap for the third quarter of 2024 (July -September), setting it at £1,568 annually for a typical dual fuel consumer.

This marks a 7% decrease from the April cap of £1,690.

However, forecasts from Cornwall Insight suggest this reduction may be temporary. An increase in the wholesale market is expected to drive energy bills higher before winter.

Predictions indicate that a typical consumer bill will rise to £1,762 from October and remain around this level into January 2025.

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