The number of customers switching electricity suppliers has risen 14% this year, states the BBC. Over three million customers had already switched their electricity supplier by the end of July, according to the latest figures.
Energy UK, the trade association for the energy industry, said one in five had signed up to small or medium sized suppliers. In July alone 385,000 customers switched, a 16% increase on July 2016.
Lawrence Slade, chief executive of Energy UK, said: “There are now over 50 suppliers to choose from, which is driving innovation, improvements to customer service and providing an incentive to keep prices competitive as suppliers fight to keep and attract customers.”
Although the largest number of switches were done by customers moving from one large supplier to another, some 34% transferred from a large supplier to a small or mid-tier one.
Other reports state that Energy giant Npower set for annual loss amid ‘fierce competition.’
Focusing on Npower’s performance,German utility firm Innogy said: “The restructuring programme initiated at the beginning of 2016 led to a reduction in the cost base in the first six months of 2017, but the competitive landscape there remains very tough in the retail business. “Following customer losses in the first quarter, however, some 50,000 new customers were acquired during the second quarter.