Energy supplier switching witnessed a 78% increase in 2023, totalling 2.32 million switches, up from the previous year’s 1.3 million.
This rebound occurred after historic lows during the energy price crisis.
In December 2023, 201,000 changes of supplier (CoS) were recorded, marking an 86% rise from the same month the previous year but a 16% decrease from November 2023.
ElectraLink’s analysts attribute this monthly drop to factors such as the festive season, aligning with historical trends.
Lower energy price caps for standard variable tariffs and improved wholesale market prices contributed to reduced energy bills at the end of 2023.
However, fixed tariff options remain limited compared to the peak switching activity observed from 2019 to 2020.
CoS between large suppliers remained high, while switching between and to large legacy brands increased, indicating a more stable market.
Large to large switches totalled 128,000, constituting 63% of December 2023’s total CoS.
Large to other switches were 38,000, a 9% decrease from November 2023, comprising 19% of December 2023’s total CoS.
