Changes of energy supplier (CoS) among British households hit the highest level in July 2024 since switching rates crashed in late 2021.

Of the 257,000 total switches last month, 225,000 were domestic switches while the remaining 27,000 and 4,000 switches were SME and I&C respectively.

July’s CoS total was 20% higher than June 2024 as well as July 2023.

ElectraLink analysts attribute the surprise increase in household CoS to consumer journalist Martin Lewis’s encouragement for billpayers to fix energy tariffs before the expected October price cap increase. Various suppliers have also brought more fixed deals to market with tariffs below the current price cap.

Conversely, Utility Week recently reported that fixed deals below the price cap provide minimal annual savings compared to standard variable tariffs, according to research from Cornwall Insight.

There have been 1.63mn CoS in 2024 so far compared to 1.18mn from January-July 2023.

Chart showing monthly energy supplier switching levels in GB until July 2024

In terms of switching types, Large suppliers benefitted the most from July’s switching boost as CoS between and to Large brands increased the most. Other supplier switching types increased too but at much lower levels.

  • Large to Large switches reached 159,000 – 25 percent more than June 2024 and 62 percent of July 2024’s total CoS completed,
  • Large to Other switches totalled 45,000 – one percent more than June 2024 and 17 percent of July 2024’s total CoS completed,
  • Other to Large switches reached 38,000 – 31 percent more than June 2024 and 15 percent of July 2024’s total CoS completed,
  • And Other to Other switches landed at 15,000 – 10 percent more than June 2024 and six percent of July 2024’s total CoS completed.

Chart showing monthly energy supplier switching levels by supplier type in GB until July 2024

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].

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NOTES:

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.