Large electricity and gas suppliers in the UK have suffered a torrid year as they deal with a proliferation of challengers trying to undercut them. At the same time, the government has threatened to cap prices for customers on the most common rate in the market, the “standard variable tariff”. Shares in Centrica, owner of British Gas, one of the big six energy groups, have fallen nearly 30 per cent since the start of the year. There are now about 60 retail energy companies active in the market, according to energy regulator Ofgem. However, recent results from some of the challengers, many of which are private or even council-owned, show that they, too, are finding the market tough amid intense competition for customers. Meanwhile, more than 80 per cent of households in the UK still do not switch despite the opportunity to save as much as £300.
FT 3rd Nov 2017 read more »