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The business energy supply market has continued to attract new entrants, taking the total number of suppliers to 39 for the first time.
The latest in a series of six monthly snapshots of the business energy supply market by Cornwall Energy on behalf of Energy UK has revealed that competition in both the electricity and gas markets has continued to increase as seven companies have joined the market in the year proceeding 30 April 2015.
Axpo, Yu Energy, Economy Energy, D-Energi, Lancashire Gas and Power and United Gas and Power have all commenced either supplying gas, electricity or both since 30 April 2014.
Cornwall Energy said there are now 33 companies supplying energy in the business gas market of which 24 supply both electricity and gas.
Only First Utility has left the business market to concentrate on its domestic business since the last report in April 2014, making it the first company to do so since 2012.
In the six months preceding April 2015 the big six domestic suppliers’ collective business electricity market share declined by 2.3 per cent to 75.9 per cent.
Other suppliers now supply almost a quarter of the electricity market at 24.1 per cent, up from 20.5 per cent in April 2014.
Cornwall Energy said the big six domestic suppliers have seen their business gas supply market share drop to 19.3 per cent in April 2015 from 19.7 per cent in October 2015. Their share has dropped by 5.1 per cent over the last three years.
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.”
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