Around 34% of the switches were from larger to small and mid-tier suppliers in July

More than half a million consumers switched business electricity suppliers in July, according to latest figures.

Energy UK reveals more than 526,000 customers moved to a different energy company last month, up 10% on July 2018.

So far, more than 3.5 million customers have switched suppliers in 2019 – a 10% increase during the same time last year, when the figure stood at 5.8 million.

Around 34% of the switches were form larger to small and mid-tier suppliers in July, 16% from small and mid-tier to larger companies, 26% between larger energy firms and 24% between small and mid-tier suppliers.

Small and mid-tier energy companies gained more than 95,000 customers, around 18% of all switches.

Lawrence Slade, Chief Executive of Energy UK, who is stepping down from his post at the end of the year, said: “It is positive to see switching figures increase last month, despite the record breaking heatwave and dip in customers switching supplier in June. We hope that in the coming months, customers continue to seek out the best energy deals from the 60 different suppliers on the market.

“I’d encourage everyone to get in touch with their current supplier, or look online, to see what savings could be made on their energy bill. Additionally, investing in energy efficiency measures – such as roof insulation or getting a smart meter – will help to reduce bills even further, whilst also reducing household carbon footprints.”

The news comes after Ofgem announced a reduction in the price cap from October this year.

Originally published by Priyanka Shrestha Energy Live News on 19 August 2019