The drop in the standard variable tariff price cap has given energy supplier switching a long-anticipated boost as the month’s total switches reached their highest level since October 2021.
Over 213,000 changes of supplier (CoS) went through last month – 24 percent more than June 2023, 85 percent more than July 2022, and the first time that switches have exceeded 200,000 in a single month since activity plummeted in late 2021.
The change in the Ofgem price cap means that households will no longer need support through the government’s Energy Price Guarantee, but high energy prices are still restricting suppliers’ ability to offer lower fixed tariffs.
Most fixed tariffs under the price cap currently on the market are only available to a supplier’s existing customers. This could indicate that price certainty is a strong driver for customers looking to switch, even if it means paying above the price cap tariffs.
There have been 1.2mn CoS so far this year compared to 729,000 in the same period last year.
In terms of CoS types, Other suppliers had the largest CoS type percentage increase compared to the month before. CoS between Large suppliers remained the most common switch type.
- Large to Large switches reached 115,000 – 16 percent more than June 2023 and 54 percent of July 2023’s total CoS completed,
- Large to Other switches totalled 51,000 – 60 percent more than June 2023 and 24 percent of July 2023’s total CoS completed,
- Other to Large switches reached 33,000 – 16 percent more than June 2023 and 15 percent of July 2023’s total CoS completed,
- And Other to Other switches landed at 15,000 – 20 percent more than June 2023 and seven percent of July 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.