Energy switching rates remained strong in May, despite a 23% decrease from the previous month, according to a report by ElectraLink.
In May, there were 154,000 completed energy supplier switches, which is almost 68% higher compared to the same month last year.
Experts expect switching numbers drop from to May as April typically sees higher rates due to annual contract expirations, particularly among small and medium-sized enterprises (SMEs).
Analysts note that the upcoming introduction of the new Ofgem default tariff price cap in July and the availability of fixed-rate tariffs from suppliers will likely contribute to a significant increase in energy supplier changes in the coming months.
So far this year, there have been 800,000 switches, surpassing the 518,000 recorded in the first five months of the previous year.
Regarding the types of switches, the largest decline in changes of supplier compared to the previous month was observed in switches from “Other” suppliers, followed by switches from “Large” suppliers to “Other” suppliers.
The number of switches from “Large” suppliers to “Large” suppliers reached 87,000, which is a 14% decrease from April 2023 and accounts for 57% of the total completed switches in May 2023.
