The Big Six energy suppliers have seen profits fall for the first time since 2014 as customers flock to smaller competitors, but more than half of households remain on poor-value default deals, the regulator said.
Britain's energy watchdog is scrutinising suppliers over their complaints handling after finding more than half of customers remain unhappy with how grievances have been dealt with.
The latest threat to the dominance of Britain’s six biggest energy suppliers is coming from small technology companies that automatically switch consumers to the cheapest deal.
Energy giant British Gas has paid out £2.65 million after regulator Ofgem found it overcharged more than 94,000 customers switching provider and wrongly imposing exit fees on thousands of households.
British Gas customers still on the company's standard variable tariff (SVT) have been urged to switch to a cheaper deal or face an "infuriating" second price hike within the space of a few months.
The latest British Gas price hike follows similar recent rises from other suppliers affecting millions of households.
British Gas is raising the cost of its standard variable tariff (SVT) by 3.8% on October 1, the company has announced.
Millions of energy customers have been urged to switch suppliers or at least tariffs to save more than £400 a year before the latest round of price hikes comes into effect.
British Gas owner Centrica lost more than 100,000 accounts in the first four months of the year as increased competition continues to see customers desert bigger energy firms.
British Gas is to increase energy bills for 4.1 million dual fuel customers on its standard variable tariff by an average of 5.5%, or £60 a year, blaming rising wholesale energy and Government policy costs.
More than one in five energy customers are now with small and medium-sized suppliers as the “big six” see their market share fall to a record low, Ofgem figures show.
The Big Six energy companies have all ranked in the bottom 10 of an annual customer satisfaction survey as consumers turned to medium and small suppliers.
Energy giants SSE and British Gas account for more than half of all customers on poor-value standard variable tariff (SVT) deals, Ofgem has found.
As Centrica released its trading update yesterday it revealed the loss of almost a million British Gas customers.
British Gas owner Centrica has suffered its biggest ever one-day shares crash after haemorrhaging 823,000 household energy accounts in four months and warning over full-year earnings.
British Gas has announced it is to hike its electricity tariffs by 12.5% in September in a move affecting 3.1 million customers.
Centrica this morning confirmed it would raise the price of electricity on the British Gas standard tariff by 12.5%.
British Gas is to pay £1.1million to compensate customers after its agents missed appointments, breaching industry standards.
Ofgem has opened an investigation into British Gas following concerns raised about its terms for customers who switch to another supplier.
British Gas owner Centrica has fuelled further controversy over energy prices after reporting another rise in profits, while boss Iain Conn warned against Government intervention in the sector.
British Gas owner Centrica has fuelled further controversy over energy prices after reporting another profit rise at its UK supply business.
Energy and services firm Centrica today revealed that it had returned to profit in 2016.
Energy campaigners have reacted with fury following speculation British Gas is to ramp up the price of bills by 9%, hammering millions of households.
British Gas Business has agreed to pay a £9.5 million penalty after the energy watchdog said it “let customers down” following billing and complaints issues.
The RAF and the Army are the best employers for the level of sick pay they offer employees, a study has shown.