Market share of big six firms at record low
The market share of Britain’s big six energy firms of domestic customers in the country fell to a record low in 2017, as smaller rivals lured customers away with cheaper deals, energy regulator Ofgem said today.
Britain’s big six energy suppliers are Centrica’s British Gas, SSE, E.ON, EDF Energy, Innogy’s Npower and Iberdrola’s Scottish Power.
According to an Ofgem report, their market share was 79 per cent for electricity and 78 per cent for gas in December 2017— down from 84 per cent for both gas and electricity a year earlier.
The report comes as Britain’s energy firms are under pressure to reduce bills and as Prime Minister Theresa May this week introduced new legislation to force Ofgem to cap what she called “rip-off” prices until 2020.
Last year, 5.1 million electricity consumers and 4.1 million gas consumers in total switched supplier, the highest number for almost a decade.
More than a third of these customers switched away from the big six to a challenger firm, Ofgem said.