Monday 13 June 2016

Big Six market hold is slipping

Big Six market hold is slipping

New research shows that one in six energy customers are now actively choosing an independent supplier. This has grown from one in eight dual-fuel customers over the past year and is predict to grow still.

Cornwall Energy conducted a survey finding that 17.4% of dual-fuel customers now received their supply from independent suppliers, such as themselves.

Robert Buckley, director of Cornwall Energy, said: "This data shows one of the biggest shifts to independents in the past 12 months."

The Big Six consists of British Gas, EDF Energy, npower, E.ON, Scottish Power, and SEE. Combined they have lost a total of around 7.1 million customers to independent suppliers since 2011. The dual-fuel market share of the big six has fallen from 99.3 per cent in 2011 to 82.6 per cent in 2016.

Aloing side this new research from Which? has found the cost gap between the cheapest dual fuel tariff and a standard dual fuel tariff from one of the so-called 'Big Six' suppliers has soared up to 81% in the last two years. The cheapest dual fuel deal available has increased from £182 to £329 since 2014.

At one point during its research in February 2016, Which? found that people on standard tariffs could save £400 a year by switching away from the Big Six suppliers to the cheapest tariff.

A standard tariff is what you are moved onto once your energy deal comes to an end, but these tend to be very expensive. Millions are thought to be on these tariffs with the Big Six and paying much more than they need to.

Make sure that the price you're paying is fair, use an independent price comparison service such as energyadviceline.org.uk - and make the most of the free switching service and account management.