There's a good chance that if you own or rent a property, your energy is being supplied by Npower, Eon, SSE, Scottish Power, British Gas or EDF. Sound familiar? That's because they've got over 90% of the UK market and it's been that way for years. Energy prices are steadily going up though, and it's causing people to start looking elsewhere, at other deals from different companies - but who are they? Here are some alternatives to consider that might just save you a few pounds...
Tagged with 'bigsix'
You may recall that toward the end of 2013 the 'big six' energy companies all raised their energy prices at around the same time by as much as 12%. Naturally, this prompted a public backlash and energy regulators Ofgem announced that an independent review of the energy market was to place, with talks of some of the big six companies being broken up due to a monopoly hold on the market. The Competitions and Markets Authority were tasked with the 18 month review, and some of the results are now in...
Every one of the Big Six energy companies have now lowered their gas prices due to a fall in the wholesale price, but how pleased should we be about it? On the one hand, it's good that those savings have been passed on, on the other hand, it took a lot of noise to make it happen and the savings could have been far greater. For those of us who've made the jump to greener, more energy efficient electrical heating solutions there isn't much to fuss over, but we still need to be sure when it comes to placing our trust in companies that provide our homes with energy.
If the Labour Party get into power in the 2015 election, they have pledged to give a new regulator all the power it needs to remove energy firms' licenses if they see fit. They have said that revoking an energy firm's license would be the result of repeated incidents of the most serious and deliberate breeches of license conditions, such as price fixing or manipulating the market. Could this be just what the market needs?
A recent poll taken by the Smart Meter Central Delivery Body (SMCDB) found that almost half of the UK population are concerned about paying too much for their gas and electricity. The study highlights the public mistrust of the energy sector that's been brewing for the past 8 months, and shows no signs of a U-turn. Instead, it's up to Government policy and legislation to ensure that consumers are getting a fair deal. From the rolling out of smart meters to making switching supplier more seamless, is it really enough? And what more can be done?
Did you know that 80% of small businesses believe that they are not being treated fairly by the big six energy suppliers? The Federation of Small Businesses this week revealed that of the 1,400 businesses they interviewed, a majority said the the big energy companies "do not care" about their needs. What's perhaps more worrying, is that 65% thought it was too difficult for them to switch suppliers. Clearly something needs to be done to address the issue, but what?
It has been widely reported today that the big six energy companies are set to receive a windfall to the tune of £2 billion because they are not passing on green levy savings to customers. Late last year the Government put a stop to green levy charges after the energy companies blamed them for their price increases, so what's happening now?
At long last it seems the smaller UK energy firms are well positioned to stand up to the "big six", and it could be just what the market needs to balance out. First Utility and Ovo Energy are leading the struggle for smaller companies to get a foothold in the market by making pledges to customers that are simply too good to be ignored.
The results of Ofgem's long awaited report are out, and in it they call for an investigation by the Competition and Markets Authority (CMA) into the UK energy market. The main focus of the investigation will be whether the big six energy companies are stifling the market, preventing smaller companies from rising and generating some much needed stimulation and competition. So what does this mean for bill payers and consumers?
Yesterday, the leading energy companies in the UK (often referred to as the "big six") were ordered to return over £400m worth of credit left in customer accounts after they had switched suppliers or closed their accounts. This huge sum of money has accumulated over the past six years, Ofgem found, and it was only the tip of the iceberg. The energy regulator has called the amount the "bare minimum" owed and that even this figure is "unacceptably large". 3.5 million homes and 300,000 business accounts are thought to be affected...