Domestic switching on the rise again since energy crisis

Nearly 213,000 household customers switched energy supplier in July 2023, making it the first time since the energy price crisis that the number has gone above 200,000, according to a report from the trade association Energy UK.

It’s the first month since the energy price crisis that domestic switching numbers have gone past the 200,000 mark in one month.

This is really good news for the market and proves that competition is returning to the domestic switching space. Indicating that some suppliers are offering below price cap rates that the majority of households in the UK have been on since the price crisis started.

At home, we have all been protected by this price cap which has helped shield our household bills from going up to wholesale levels, which at the time of the price crisis, was as much as double the price cap rate.

Comparing the statistics to July 2022, switching was up by 83%.

The movement between supplier groups shows that 22% of switches were where customers moved from larger to smaller suppliers, while 14% moved in the opposite direction from the smaller supplier to the larger supplier.

Meanwhile, the vast majority, at almost 59%, elected to switch within the larger supplier category with the remaining 5% moving within the smaller supplier category.

Businesses are not protected by a price cap

As a business owner, you are not protected by the price cap afforded to household customers. So we will always encourage you to compare the market if you are out of contract of approaching the end of a fixed term contract.

You can make a massive impact on reducing your bills by shopping around and comparing business electricity and gas prices from the UK’s leading energy suppliers.

All you need is your business postcode to see prices. It only takes a matter of seconds. See prices business electricity and business gas prices by clicking here.

Business energy prices change every day based on the movement in the wholesale price of electricity and gas.

You can track the latest price trends by clicking here.