Business customers actively changing supplier in search of the cheapest price

With news that domestic switching increased by 98% in August, at Energy Advice Line, we have seen a massive change to customer switching habits through 2023 as 73% of businesses are now actually changing supplier is search of the cheapest rate.

This deviates significantly from habits pre energy price crisis, when in 2019 only 32% of customers moved to a new supplier, with 68% of customers staying with their current supplier on renewal.

The key factor is price as renewal contracts tend to be more expensive. Customers are moving to save as much money as possible even if the difference is marginal and with a lot of the complications on switching being removed in the last 12 months by Ofgem, customers are very happy to make the move for the best saving.

The market has been pretty stable for the last 6 months but this might change as we approach the colder winter months.

We are not out of the woods by any means as we are now very reliant on imported LNG (liquid gas) to make up for the short fall when Russia turned the tap off to Europe in September 2022.

Our advice will always be to give yourself a minimum of 30 to 40 days before your renewal date to agree to a new contract especially if you are moving supplier.

Staying with your current supplier has always been the easiest option but given that 73% of customers have so far decided to make the switch in 2023 our advice would be shop a bit earlier.

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