Shares in the energy supply company which owns the Scottish Gas brand tumbled by more than 15% yesterday after announcing that it had lost more than 820,000 customers following a inflation-busting price hike.
Centrica plc raised its prices by 12.5% in September – sparking a stampede of customers switching to alternative suppliers.
The company said 650,000 of the customer accounts it had lost were as a result of “collective switching”, where large groups of households join forces with a new provider to get the best deal.
Earlier this week, British Gas said it would withdraw its Standard Variable Tariff for new customers.
Around 4.5 million of Centrica’s remaining customers – or about 60% – are currently on SVTs, with 70% of profits coming from SVT consumers.
24 Nov 2017