Independent suppliers’ market share grows by half

The independent suppliers’ share of the residential dual fuel market has grown by 4.4 per cent in the last year after 660,000 customers switched away from the big six suppliers.

The latest figures from Cornwall Energy reveal that the market share held collectively by independent suppliers has risen to 13.4 per cent from 9 per cent at the same point last year, a rise of 50 per cent.

Cornwall Energy said it has been another “summer of significant growth for the independents” with more customer accounts being added by independents in the three months to the end of July 2015 than were held in total in July 2011.

It said this growth reveals the level of dissatisfaction with incumbents and a growing appreciation of the huge savings available from switching.

Independent suppliers now collectively hold the fourth largest number of energy accounts and are “breaking the stranglehold of the incumbents,” Cornwall Energy said.

The UK’s largest independent supplier First Utility has experienced the biggest growth with 275,000 new customers, pushing its market share up to 4 per cent. It now has 1.5 million customer accounts.

First Utility’s chief customer officer Ed Kamm said: “The dramatic growth of independent suppliers is testament to consumers wanting something different – lower energy prices and better value from their provider.

“While so many have already switched, 40 per cent have still never made a move and over 70 per cent of the incumbents’ customers are on the most expensive standard variable tariff.

“We won’t be satisfied until many more people are switching and saving. We believe the key to this is a fairer, more transparent energy market to ensure consumers are getting the best deal and money can be put back in people’s pockets.”