Economy
‘Big six’ pushed out of best buy tables by smaller companies
The ‘big six’ energy companies have failed to be in the top five best buy deals for the last six months, figures show. New MoneySuperMarket data shows smaller, alternative companies are offering cheaper deals for customers.
The six companies have been under scrutiny in recent months with an investigation announced into competition within the energy market by the Competition and Markets Authority. Complaints to the big six have also been rising with figures from June reaching 1.7 million, causing many to move to smaller companies such as renewable suppliers Good Energy and Ecotricity.
Now British Gas, E.ON, EDF Energy, Npower, SSE and Scottish Power are also losing the price war.
Figures show the big six have been absent from best buy tables since February 14 and customers could save up to £275 on their energy bill if they switch.
The cheapest tariff is currently from Co-op Energy, with First Utility and Extra Energy not far behind.
Kevin Pratt, energy expert at MoneySuperMarket, said, “The big six haven’t shown much love for new energy customers since Valentine’s Day, with the smaller providers championing lower energy prices for UK households.
“They regularly reduce the cost of their market-leading deals and are fighting it out for top spot in the best buy tables, wooing new customers with cheaper energy bills.”
Experts at MoneySuperMarket are encouraging people to switch in time for winter, but have warned to search for the best deals and watch out for exit fees.
“As the summer month’s draw to a close, cutting the cost of energy bills might be starting to creep into people’s minds. It still takes between six and eight weeks to switch supply so if you want to be tucked up with a new energy company this winter with lower bills you need to act sooner rather than later,” added Pratt.
The current top ten best buy table only includes two companies from the big six – EDF and Scottish Power. Mark Sait from SaveMoneyCutCarbon.com recently noted how high energy prices are embedded in the market and this only emphasises the need to increase energy efficiency.
Photo: Attilio Lombardo via Free Images
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Further reading:
High energy prices built into confused market – reducing consumption is essential
Ofgem calls for wide-ranging competition inquiry into energy market
Complaints to ‘big six’ energy companies hit record high
Unhappy ‘big six’ customers flock to Good Energy, whose profits see sharp rise