Energy supplier switching reached another recent record high in September, proving a sustained recovery in the retail energy market.
The 222,000 changes of supplier (CoS) last month sealed the highest monthly total since CoS activity collapsed in late 2021. It is also the third month in a row that has exceeded 200,000 switches.
With the October change in the Ofgem price cap for standard variable tariffs, many suppliers are yet to update their fixed rate tariffs to sit below-price cap levels. Analysts at Cornwall Insight predict an increase in the price cap in 2024.
In September last year, then Prime Minister Liz Truss announced the introduction of the Energy Price Guarantee to limit the cost of energy for domestic customers over winter. The guarantee has since fallen away as wholesale energy prices and the Ofgem price cap have tumbled.
There have been 1.6mn CoS since the start of 2023 compared to 932,000 from January to September 2022.
For switching types, all increased from the month before except for CoS between Other suppliers which dropped by fewer than 1,000 switches. All increases in other types were minor.
- Large to Large switches reached 123,000 – two percent more than August 2023 and 56 percent of September 2023’s total CoS completed,
- Large to Other switches totalled 50,000 – six percent more than August 2023 and 22 percent of September 2023’s total CoS completed,
- Other to Large switches reached 35,000 – three percent more than August 2023 and 16 percent of September 2023’s total CoS completed,
- And Other to Other switches landed at 13,000 – two percent less than August 2023 and six percent of September 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.
ElectraLink has been granted the governance protections to hold, transfer and analyse CoS and other data.