Switching between large energy suppliers reaches 30-month highSwitching between large energy suppliers reaches 30-month high

New research conducted by energy data company ElectraLink has found that the number of consumers switching between large energy suppliers has reached a 30-month high.

The firm stated that there were 135,000 large-to-large changes of supplier (CoS) in March 2024, higher than the 132,000 CoS recorded in October 2023 – the previous recent high for this switch type.

This means that the switching between large-to-large energy suppliers reached its highest level since switching virtually disappeared in late 2021. Switching between energy suppliers highlights healthy market conditions, thus highlighting a return to stability and “normal” market conditions following the energy crisis.

Image: ElectraLink.

ElectraLink also disclosed that overall switching in March 2024 reached 224,000 CoS – 28% more than the same month last year and 4% more than in February. It is worth noting that CoS activity tends to increase in March and April every year as fixed tariffs end and Ofgem’s price caps change.

Smart meter installations stutter

In other news, data released by ElectraLink earlier this month highlighted that the GB smart meter rollout took an unexpected downward turn in March, recording the lowest number of installations since 2020.

The organisation revealed that last month saw a 9% decrease against the month before, with 185,000 smart meters installed. March this year also fell short of March 2023, with 13% fewer installations recorded.

In 2021 and 2022, March saw 224,000 and 219,000 installations, respectively.

March 2020 had significantly lower numbers, with only 168,000 installations, but the COVID-19 pandemic lockdown meant no more were possible. In April 2020, that figure dropped to 12,000.