Ofgem‘s announcement that the energy price cap will rise by 10% from 1st October 2024 has resulted in a notable increase in energy supplier electricity switching.
ElectraLink’s new report shows that in August 2024, there were 293,000 changes of supplier, which is 33% higher than August 2023 and 14% higher than July 2024.
This figure is just above the recent record of 287,000 switches in April 2024.
The new price cap will raise the average annual energy bill to over £1,700, up from nearly £1,600 between April and June 2024.
Before the energy price crisis in late 2021, monthly supplier switches often exceeded 500,000.
So far this year, there have been 1.925 million changes of supplier, compared to 1.4 million in the same period last year.
In August, switches between large suppliers accounted for the majority, with large-to-large switches reaching 194,000, a 22% increase from July 2024 and 66% of August’s total.
