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The ‘Big Six’ could lose a quarter of their customers by 2020

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The ‘Big Six’ could lose a quarter of their customers by 2020

Analysts have forecast that the ‘Big Six’ energy suppliers will lose a quarter of their customers by 2020 as millions of households will switch to smaller suppliers. Citigroup stated that the market share in the supply side of the ‘Big Six’ has fallen from 98% to about 92% in the last year, partly driven by anger about last autumn’s price rises.

The ‘Big Six’ is made up of British Gas, SSE, EDF Energy, E.On, Scottish Power and Npower and between them they control about 92% of UK households. Citigroup have predicted that this will fall to below 70% by the end of the decade as the market becomes more competitive.

According to the report “UK Energy Policy -Unwinding the Big 6”, written by a research arm of Citigroup investment bank, some large companies could be driven out of the market as the report argues “If the supply market does develop as the current trends suggest and the available profit pool declines by circa 40% we may well see some participants simply running their supply business to maximise cash flow in the short term and exit the market at some point”. Figures indicate that UK consumers have 3.8m accounts with smaller suppliers and 45.9m are with the ‘Big Six’.

CMA unveils plans to make the energy market more competitive

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CMA unveils plans to make the energy market more competitive

The Competition and Market Authority (CMA) have today released a report outlining remedies to address the problems holding back competition in the energy industry. The CMA will introduce these solutions following the conclusion of its investigation in June. Despite the increase in independent energy suppliers, providing competitively priced energy tariffs, 88% of UK households remain with the “Big Six” Energy suppliers; British Gas, EDF, E.ON, Npower, Scottish Power and SSE. Around 70% of those customers are STILL on the more expensive ‘default’ Standard Variable Tariff and the CMA’s latest analysis reveals that the potential savings for these customers has risen significantly over the past 2 years – with the average customer making a saving of over £300 by switching to a cheaper deal!

EDF Energy on top as average number of complaints fall

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EDF Energy on top as average number of complaints fall

Citizens Advice have released their energy supplier table, with EDF Energy and SSE coming out on top. The table measures how effectively customer complaints are dealt with by the 19 biggest energy companies in the UK. EDF Energy have narrowly taken the top spot for October to December 2015 by a margin of 0.4 points, replacing SSE who has been a permanent feature at the top of the table since it was published in its current format five years ago. EDF Energy and SSE both have a ratio of less than 50 complaints per 100,000 customers, compared to ratio of more than 1,000 complaints per 100,000 customers for the worst performing suppliers, Extra Energy and Co-Operative Energy. Both of the worst performing companies have introduced new billing systems and the issues appear to have stemmed from there. Overall, the average complaints ratio for all companies is down with 275.2 registered per 100,000 customers, compared with 339 in the previous quarter.

On a Standard Tariff with your Energy Supplier? You’re paying too much.

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EDF Energy on top as average number of complaints fall

Consumer group, Which? have asked regulators to make it easier for households to switch energy suppliers, claiming millions are paying up to £400 too much. This is despite Energy Regulator, OFGEM, releasing figures last week that state the number of UK households switching their energy provider rose by 15% in 2015. OFGEM say that 6.1m gas and electricity accounts had been transferred during the year – about 820,421 more than in 2014. Although the figures show that competition in the market is improving, Which? Say that 71% of gas customers were on standard tariffs and 88% of households remained with the big six despite growth in smaller, independent suppliers – 37 firms in total, according to the Government.

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Last of the “Big Six” Announce Gas Price Decrease

The last of the “Big Six” Energy Suppliers have now announced prices cuts for customers on their gas Standard Tariff. British Gas revealed a 5.1% price reduction, followed almost instantly by EDF’s announcement of a 5% cut. British Gas’s price change takes effect first on the 16th of March, while EDF’s kicks in eight days later. Good news to the 6.8 million British Gas and 900,000 EDF customers currently on their supplier’s standard tariff, but they could still save considerably more by switching to a fixed price tariff.