Independent suppliers are gaining more momentum in the energy market as they poach more customers away from the Big Six.
Their collective market share now stands at 11.2%, which is higher than three of the major suppliers.
Hardly surprising though as the Big Six have been through a torrent of bad press after the initial CMA findings claiming they have been overcharging customers. Independent suppliers have stormed ahead with competitive deals and a strong focus on customer service.
While the energy giants have tried to make their prices more competitive, customers have wised up to rollover contracts and standard variable tariffs and moved away. They’ve suffered an aggregate loss of around 300,000 energy accounts.
To make matters worse, several of the big six have suffered from billing issues and consequently poor customer service. This has pushed even the loyal or apathetic customers to move suppliers.
Small, independent suppliers are popping up everywhere – with GB Energy, Future Energy and Bulb all starting up this year.
But there’s still a chance for the major suppliers to get back their losses. EDF Energy recently responded to the tumbling market prices with the launch of two competitive fixed deals. SSE briefly introduced a one-year fixed deal that was the cheapest on the market.
With the new government overturning the four-tariff rule, we’re expecting them to hit back with a host of new products and deals to retain their customers and try to kick-start their new business.
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