Competition is increasing in the UK domestic energy market – according to the latest report from Cornwall Energy.
The number of customers buying their gas and electricity from small suppliers is on the up and there are more companies fighting for business than ever before.
The October update, commissioned by Energy UK – the trade association which represents Britain’s ‘Big Six’ energy suppliers – shows:
- The market share of small suppliers is now at 9%, which is a 5.9% increase on the same time last year.
- More than one million customers moved from a large supplier to a small one.
- The number of companies offering dual fuel, gas and electricity deals is at an all-time high at 25.
- There are now seven companies with more than one million customers.
Angela Knight, Chief Executive, Energy UK, said: “We can confidently say competition is growing in the energy market. The growth of small suppliers is a clear sign customers are reacting to the range of choice on offer to them from companies large and small.
“In a sector with 27 million customers, market shares don’t change overnight. However, the Cornwall Energy competition reports and the Energy UK monthly switching reports show a trend of growing competition, a wider range of choice and a customer base more engaged and willing to shop around.”