Centrica shares plummet as customers leave

Centrica shares plummet as customers leave

Centrica has lost 372,000 home energy customers in the four months to the end of October as high levels of competition from smaller firms mount on the Big Six.

The figures revealed represent a 3% drop in the energy giant’s 12.5 million gas and electricity accounts from June, highlighting the extent at which customers are leaving the firm after it lost 341,000 accounts during the first six months of 2018.

Centrica, which owns British Gas, cited high levels of market switching, increased numbers of customers moving away from standard variable tariffs and price rises as reasons for its decline in customers.

The news, published on Thursday, resulted in an 8% drop in Centrica’s share prices.

Recently there has be a drastic shift towards small and medium sized energy companies, with one in four UK energy customers now with so-called “challenger” companies – a stark change from 2011 when the Big Six accounted for nearly 100% of the market.

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