Switching Surge Amidst Rising Prices
Ofgem announced that the energy price cap will increase by 10% on October 1st has sparked a significant surge in energy supplier switching.
In a new report, August 2024 saw a staggering 293,000 changes of supplier a 33% increase compared to the same period last year.
This surge in switching activity is likely driven by consumers seeking to find more affordable energy deals in the face of rising prices.
The new price cap will push average annual energy bills to over £1,700, up from nearly £1,600 in the previous quarter.
While switching rates have fluctuated in recent years, August 2024 saw the highest number of supplier changes since April 2024. This trend is indicative of consumers’ growing willingness to shop around for better deals.
Key Findings:
• Significant Increase: August 2024 saw a 33% increase in supplier switches compared to the previous year.
• Rising Prices: The upcoming increase in the energy price cap is driving consumers to seek more affordable options.
• Record-Breaking Activity: August 2024 saw the highest number of switches since April 2024.
Don’t Overpay for Energy
If you’re looking to switch suppliers and potentially save money on your energy bills, contact us today. We can help you find the best deal that suits your needs.
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