April saw a spike in supplier switching activity, as nearly 199,000 changes of supplier were recorded.

This figure marks a 12% increase from the previous month and a 55% surge compared to the same period last year.

The surge in switching activity reflects a growing trend among households and small to medium-sized enterprises (SMEs) in the UK to actively seek out better energy deals and explore alternative suppliers.

According to ElectraLink, the frequency of switching activity in April is comparable to figures observed a decade ago, when smaller suppliers began challenging the dominance of the former Big Six.

Analysts note that the twice-yearly round of energy supply contract changes, which usually occur in April and October, played a significant role in driving the recent surge in switching volumes.

As fixed contracts came to an end, account holders were incentivised to shop around for improved deals and more competitive pricing.

Since the start of 2023, a total of 646,000 completed changes of supplier have been recorded.

However, it is interesting to note that, contrary to recent trends, the month of April saw a decrease in switching between large suppliers, while changes of supplier between other suppliers experienced a significant upswing.

Article source: https://www.energylivenews.com/2023/06/01/sme-contract-changes-drive-energy-supplier-switching-to-new-high/