Energy supplier switching has continued at higher levels than last year as wholesale energy costs have eased and better deals have become available.
According to ElectraLink analysts, the relatively high switching rates were predominantly household switches.
Ofgem’s default tariff price cap has lowered energy costs as of July 2023, and a slowly growing number of suppliers are offering fixed rate tariffs. However, according to MoneySavingExpert, few of these fixed tariffs are currently cheaper than the price cap and most are for existing customers only.
There have been 965,000 CoS so far in 2023 compared to 613,000 in the first half of 2022.
In terms of CoS types, all increased compared to the month before, but Other-to-Other CoS increased at the fastest rate despite having the smallest share of monthly switches.
- Large to Large switches reached 99,000 – 11 percent more than May 2023 and 58 percent of June 2023’s total CoS completed,
- Large to Other switches totalled 32,000 – 22 percent more than May 2023 and 18 percent of June 2023’s total CoS completed,
- Other to Large switches reached 28,000 – 11 percent more than May 2023 and 17 percent of June 2023’s total CoS completed,
- And Other to Other switches landed at 13,000 – 23 percent more than May 2023 and eight percent of June 2023’s total CoS completed.
For more information on CoS figures, or to find out how your organisation can access the CoS data we hold and provide for the energy market, contact [email protected].
The above figures relate to electricity CoS in Great Britain only.
We do not include CoS from SoLR processes or trade sales in our monthly CoS reporting. We account for only voluntary switches, or instances where the customer made an active decision and took action to change supplier, including after a contract expired.
All data is provided by EMPRIS.
Due to the introduction of the Central Switching Service in July 2022, ElectraLink is no longer able to provide data on CoS started.
ElectraLink has been granted the governance protections to hold, transfer and analyse CoS and other data.