In July, energy supplier switches among British households reached their highest level since late 2021.
A total of 257,000 switches were recorded, with 225,000 involving domestic customers.
This figure represents a 20% increase compared to both June 2024 and July 2023.
The increase has been linked to expert consumer advice, urging households to secure fixed energy tariffs ahead of an anticipated price cap rise in October.
In response, several suppliers have introduced fixed-rate deals that are below the current price cap.
According to Cornwall Insight‘s August report, average savings from the top ten cheapest fixed energy tariffs have decreased to £5 annually, down from £60 to £80 just a few months ago.
So far, 1.63 million switches have occurred in 2024, compared to 1.18 million during the same period in 2023.
Most of July’s switches involved customers moving between large suppliers, which saw a 25% increase from June 2024, making up 62% of all switches for the month.
Switching between smaller suppliers, while also up, remained at lower levels.
