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Chart of the Week

2020

One in (half) a million: Domestic medium supplier growth

Katie Hickford Analyst

Ten medium suppliers now hold a 23% share of the domestic energy market, based on data from our Q220 Domestic Market Share Survey. In the three months to the end of April, we noted strong growth by the medium suppliers (adding over half a million energy accounts) and changes to the make-up of the domestic energy suppliers.  Since First Utility and Utility Warehouse became the first entrants to exceed 250,000 energy accounts in 2014, a further 17 have surpassed our threshold for medium suppliers. Tonik Energy is the latest addition to the group, entering in the Q220 survey, with another small supplier set to join the medium group soon. Over the last six years the suppliers in this group have taken different strategies to growth, which more recently have segmented by organic growth and growth through acquisition, as the number of supplier exits in 2019 reached 13. Of these, the most notable acquisition came from the transfer of SSE’s 5.4mn domestic accounts to Ovo Energy, moving out of the medium supplier group to become the second largest domestic supplier (behind British Gas).  In our April survey, customer growth for medium suppliers was led by Octopus Energy, acquiring small supplier ENGIE’s 70,000 domestic customers. The supplier also recorded strong organic growth, reporting in May that it gained 2,000-3,000 customers a day. Shell Energy followed with the second highest quarterly gains, acquiring Green Star Energy and reaching 3% energy share of the market, while Bulb added GnERGY’s 9,000 customers through the supplier of ...

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