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Record variety of UK vitality prospects switched provider in February

LONDON (Reuters) – A document variety of British vitality prospects switched provider in February, knowledge from business group Energy UK confirmed on Monday.

FILE PHOTO – An electrical energy meter is seen in London, Britain August 1, 2017. REUTERS/Neil Hall

* 668,000 prospects switched in the course of the month, the very best month-to-month switching determine recorded, regardless of February being the shortest month of the yr.

* The knowledge comes as Britain’s vitality corporations are beneath stress to scale back payments and as regulator Ofgem prepares to problem a value cap on essentially the most broadly used tariffs.

*It additionally continues final yr’s development when a document 5.5 million prospects switched in 2017 up from four.eight million in 2016, Energy UK mentioned.

*The knowledge doesn’t present precisely which corporations gained or lost prospects however reveals virtually half the switches have been between giant suppliers, whereas virtually 1 / 4 of switches have been from bigger corporations to smaller suppliers.

*There are actually over 60 vitality suppliers in Britain.

*Britain’s large six vitality suppliers, controlling round 80 % of the market are Centrica’s (CNA.L) British Gas, SSE (SSE.L), E.ON (EONGn.DE), EDF Energy (EDF.PA), Innogy’s (IGY.DE) Npower and Iberdrola’s (IBE.MC) Scottish Power.

Reporting By Susanna Twidale, enhancing by David Evans

Our Standards:The Thomson Reuters Trust Principles.

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