In October, small and medium-sized enterprises (SMEs) set a new record for changing their energy suppliers, with 269,000 switches completed.
This marks a 79% increase from the previous year and is the highest monthly total since late 2021.
This trend happens annually as businesses renegotiate their energy contracts.
Last year, there was a 59% increase in switching during October.
ElectraLink analysts noted a slight decrease in domestic switches between September and October 2023, possibly due to lower standard variable tariffs after a recent Ofgem price cap adjustment.
Switching increased across all categories, with “Other to other” switches almost tripling between September and October.
Large to large switches reached 132,000, a 7% increase from September, making up 49% of October’s total.
Large to other switches totalled 54,000, an 8% increase, comprising 20% of October’s total.
