With the government and consumers taking a renewed interest in the energy industry, new entrants have boosted the number of business energy suppliers up to 39 – a new record.
With seven new companies entering the market, the competition in both the gas and electricity markets has ramped up. Axpo, Yu Energy, Economy Energy, D-Energi, Lancashire Gas and Power and United Gas and Power have all been set up since 2014.
Pricing has quickly become a war with the smaller independents competing to acquire new business. Even the Big Six have had to rethink their pricing strategies to keep up with the competition. Their market share has dropped by 2.3% with consumers jumping ship to smaller companies. The non big six companies now hold a collective 24% of the electricity market supply.
One supplier has already thrown in the towel, with First Utility leaving the business energy market to focus on its domestic operations.
Energy UK’s chief executive Lawrence Slade said: “We have seen a transformation in the energy retail market over recent years as new entrants are coming in and shaking up the market. Increased competition is driving prices down across the board for customers.”
With so many suppliers to choose from and ever-changing energy prices, it’s difficult to know which tariff to take on for your business. Our advisors can give you advice on business gas and electricity prices with their in-depth supplier knowledge and you can get an instant quote for your business. Call Business Juice on 0800 051 5770 or email us at firstname.lastname@example.org.