The competition amongst the energy firms heat up…
British Gas lose 224,000 customers – should you leave too?
British Gas, the country’s largest gas and electricity supplier said it lost 224,000 residential customers, or 1.5% of home supply accounts, in the first three months of the year. It said its overall residential accounts fell to 14.4 million customers.
The group put down the loss to significant number of customers coming off long-term fixed-price contracts, and consumers switching suppliers as smaller rivals put Big Six players under price pressure.
The UK energy industry now have a total of 39 suppliers, which includes the Big Six providers including British Gas, SSE, N-power, ScottishPower, EDF and E.ON.
However, the major six suppliers still account for 85% of all energy accounts.
Since the beginning of 2015, British Gas have put their prices up 3 times and in January it lowered gas tariffs in line with other Big Six providers, announcing a 5.1% decrease from March 16.
Wholesale markets have fallen by some 40% since 2014, while electricity prices have dropped by around 30%.
Many consumers are trying to cut back and save their hard earned cash which means they are looking for the best deals on everything from their fuel to a loaf of bread.
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