Energy UK has reported that 235,000 customers switched electricity suppliers in April 2024.
This marks a 26% increase from March 2024 and a 19% rise from April 2023.
The rise in switching is attributed to the non-domestic sector, which aligns with the April contract round.
The majority of the switching activity, accounting for 61%, occurred between large suppliers.
A few days ago, Ofgem announced the energy price cap for the third quarter of 2024 (July -September), setting it at £1,568 annually for a typical dual fuel consumer.
This marks a 7% decrease from the April cap of £1,690.
However, forecasts from Cornwall Insight suggest this reduction may be temporary. An increase in the wholesale market is expected to drive energy bills higher before winter.
Predictions indicate that a typical consumer bill will rise to £1,762 from October and remain around this level into January 2025.
