More than 660,000 customers switched electricity supplier last month – an increase of 60 per cent compared to February 2017, according to the latest figures from Energy UK.
The trade body said this represents around 24,000 customers switching each day and the “highest ever” number of switches in a single month. In this year alone more than one million customers have switched supplier.
It said the “growing choice in the market” is reflected by customers switching to small and mid-tier suppliers, which saw a net gain of 130,556 or 20 per cent of all switches in February.
A breakdown of February’s figures showed 27 per cent of customers switched from a larger to small or mid-tier suppliers, while only 8 per cent moved from small and mid-tier to larger suppliers.
Customers switching between larger suppliers accounted for 49 per cent, while switching between small and mid-tier suppliers was 16 per cent.
Lawrence Slade, chief executive at Energy UK, said: “The energy market has never been so competitive and it’s great to see record numbers of consumers engaging in the market to get a better deal.
“Customers can make big savings by joining the millions who’ve found a better deal, through either checking with your existing supplier or choosing from over 60 suppliers on the market.”
A spokesperson from Ofgem, added: “Ofgem welcomes the fact that a record number of consumers are switching to get a better deal, particularly to small and medium sized suppliers.
“Nevertheless, there are still too many consumers who are paying too much for their energy, which is why we are introducing price protection whilst we reform the market to make competition work for all consumers.”
Stephen Murray, energy expert at Money Supermarket commented on switching behaviour as “evidence of competition” in the energy space, he added: “Competition and increasing switching numbers lay evidence to a switching market that is growing and improving.
“The average household can save £250 or more. The message for households still languishing on expensive standard variable tariffs is clear.”