The demise of the Big six energy providers?
Between 2013 to 2014 the Big six have increased their prices by an average of 3.5%, Npower have raised their prices by 6.5% and British gas 6.4%.
Over this same period it was announced that 2 million households have left the Big six energy companies.
So are we starting to see customer’s stand up and no longer accept these continuous price rises?
Well in the UK, Ofgem estimates that 60% of customers have never switched their energy provider, for many people its too much hassle, so the power isn’t going to be taken away from the Big six over night, and for many customers they will continue to pay their energy bill whatever the price rise.
However competition in this industry is continually increasing, making it easier and more attractive for customers to switch, its only been in the past 5 years where these new businesses have started making im-prints on the market share, hinting that although the power may not be taken over night from the Big 6, its heading in the right direction.
I’m going to look at three energy suppliers who are growing at a pretty fast rate and whom I personally like, Good Energy, Ovo Energy and Which?
The huge comparisons between these three, is the customer. Looking through both websites, its clear to see that cheaper energy and customer satisfaction is at the heart of their businesses.
Like my self and I’m sure many other, it gets frustrating when your put on hold by your energy provider, charged in-correctly, especially when we spend such a chunk of our income on energy.
So as the access to information becomes increasingly more available, should we now look at the businesses we are giving our hard earned money too and demand more from them?
Competition is a wonderful thing, it should give incentives to the Big 6 to improve them selves, yet prices continue to rise, and the service they offer don’t seem to be even matching this rise.
So make sure you are getting the service you feel you desire, if not have a look at what others are offering you, that’s not just your energy provider but any business you deal with.