Electricity Switching Hits Record Levels in October 2024

Energy Switching
November 28th, 2024
Electricity Switching Hits Record Levels in October 2024

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Electricity switching in the UK hit new records in October 2024. A total of 374,607 customers switched their electricity supplier, the highest since October 2021. This change shows that both businesses and homes are looking for better energy deals as energy prices start to stabilise. Here are the trends, important statistics, and what this means for people in England, Wales, Scotland, and Northern Ireland.

Total Number of Switches in October 2024

The total number of switches in October 2024 shows a big recovery in the energy market.

Switching Type Total Switches Percentage
Larger to Larger Suppliers 181,940 48.5%
Larger to Small/Mid-Tier 40,794 10.9%
Small/Mid-Tier to Larger 40,892 10.9%
Small to Small/Mid-Tier 11,280 2.9%
Non-Domestic (Business) 99,701 26.6%

The rise in businesses changing their electricity providers made up 26.6% of all changes. This was caused by the usual end of contracts that happen every October.

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Monthly Electricity Switching Data: October 2023 – October 2024

Switching stats from October 2023 to October 2024 show the steady rise in how much consumers are doing.

Month Larger to Small/Mid-Tier Small/Mid-Tier to Larger Larger to Larger Small to Small/Mid-Tier Total Domestic Switches Total Non-Domestic Switches Total
October 2024 40,794 40,892 181,940 11,280 274,906 99,701 374,607
September 2024 41,908 34,902 206,729 6,861 290,400 28,017 318,417
August 2024 25,551 27,034 129,075 5,901 187,561 19,000 206,561
July 2024 30,360 26,116 113,510 8,268 178,254 28,307 206,561
June 2024 30,994 19,927 93,919 7,656 152,496 25,627 182,598
May 2024 31,906 19,615 95,545 5,999 153,065 29,533 235,272
April 2024 34,177 21,643 98,843 6,298 160,961 74,311 187,117
March 2024 35,386 19,736 99,680 5,381 160,183 26,934 191,664
February 2024 37,474 18,531 100,617 5,215 161,837 29,827 184,714
January 2024 30,485 20,874 95,281 7,336 153,976 30,738 190,653
December 2023 27,421 27,924 100,567 6,147 162,059 28,594 226,509
November 2023 30,232 46,245 107,887 6,763 191,127 35,382 260,909
October 2023 33,528 29,136 111,303 10,986 184,953 75,956 214,287

Switching between big suppliers and smaller or mid-tier ones helps us understand what consumers like and how they compete.

Year Larger to Small/Mid-Tier Small/Mid-Tier to Larger Net Gain (Small)
2019 200,000 180,000 +20,000
2020 180,000 190,000 -10,000
2021 150,000 170,000 -20,000
2022 100,000 120,000 -20,000
2023 110,000 130,000 -20,000
2024 YTD 120,000 140,000 -20,000

Key Takeaways:

  • Big suppliers, like British Gas, EDF Energy, E.ON, and Scottish Power, still control the market.
  • Smaller suppliers are losing market share. This is because consumers are going back to these larger, trusted companies.

Switching Trends by Supplier Types

Why Are More Customers Switching Suppliers?

Competitive Energy Tariffs

The energy market now has many different types of tariffs. These include fixed-rate tariffs, dual fuel tariffs, and standard variable tariffs. This gives customers a better chance to find a good energy deal. A lot of people are changing from their old supplier to secure lower rates or are switching to a new supplier that has appealing fixed tariff options.

Stabilising Energy Prices

After several years of ups and downs, energy prices are becoming more stable. This change is making more families and businesses look into ways to lower their energy bills. Customers are now comparing rate tariffs. They are selecting plans that fit their energy use and personal needs, like those for business premises or new homes.

Consumer Awareness and Tools

The easy way to compare prices on websites helps consumers change suppliers without any trouble. Customers are looking for plans with different rates so they can find the best deal.

Benefits of Switching Electricity Suppliers

Lower Energy Bills

Switching to a new energy supplier can help you save money on your electricity bill. This is especially true if you leave a supplier’s standard variable tariff. Choosing fixed rate tariffs can protect you from changes in prices in the future.

Simplified Payments

Many energy suppliers now have flexible payment choices. One option is direct debit. This makes it easier for people to handle their budgets.

Tailored Options

Suppliers now have different plans. These include prepayment meters and special business rates. This means they can meet various needs. Variable tariffs are still a flexible choice. They allow people to change their usage according to price changes.

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How to Switch Energy Suppliers

Switching energy suppliers is now really simple. It can help you save a lot of money. Here’s how:

  1. Check Your Energy Bill: Look at how much energy you use, your plan, and the rates you pay.
  2. Compare Plans: Use a price comparison website to find a fixed tariff or dual fuel tariff that suits your needs.
  3. Choose Your New Supplier: Reach out to the new supplier and give your bank account details to set up direct debit payments.
  4. Pay Final Amounts: Your old supplier will send a final bill that may include an exit fee if needed.

Key October 2024 Figures

Monthly Comparison of Domestic and Non-Domestic Switches

Month Domestic Switches Non-Domestic Switches Total Switches
July 2024 178,254 28,307 206,561
September 2024 290,400 28,017 318,417
October 2024 274,906 99,701 374,607

This shows a 26.6% rise in non-domestic switches. There is also an 18% increase in total switches from September to October.

Domestic and Non-domestic Comparison Monthly

Source: Ofgem, EnergyUk

FAQs About Electricity Switching

How can I find the best energy deal?

  • Use a price comparison website to check energy prices.
  • Look for fixed-rate plans to keep low prices.
  • You can also choose variable-rate plans for more flexibility.

What happens to my old supplier when I switch?

Your old supplier will give you a final bill. If it applies, there will be an exit fee for ending your service early.

Can I switch if I use a prepayment meter?

Yes, many energy companies have prepayment plans. You can also change to a direct debit option to save some money.

Is switching available for business premises?

Yes, businesses can gain from energy tariffs created just for them. In October 2024, there was a big jump in the number of businesses changing their electricity plans.

How long does it take to switch suppliers?

Switching usually takes 21 days. During this time, there will be no disruption to your electricity supply.

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