Over 215,000 electricity changes of supplier (CoS) took place in February 2024 in Great Britain, showing a 4% increase from the previous month and a 44% increase compared to the same period last year.
Energy suppliers are introducing more fixed and variable tariffs below the Ofgem price cap for April-June 2024.
This move has the potential to stimulate further switching activity in the upcoming months.
In total, there have been 422,000 CoS recorded in 2024 thus far.
Breaking down the types of switching, Large to Other supplier CoS saw the most significant increase compared to the previous month, while switches between other suppliers experienced a decrease.
Large to Large switches comprised the majority at 128,000, representing 3% more than January 2024 and 60% of February 2024’s total CoS.
Large to Other switches totaled 49,000, marking an 11% increase from January 2024 and accounting for 21% of February 2024’s total CoS.
Other to Large switches reached 27,000, showing a 2% increase from January 2024 and contributing to 13% of February 2024’s total CoS.
Other to Other switches amounted to 12,000, reflecting a 10% decrease from January 2024 and representing 6% of February 2024’s total CoS.
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