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Smaller businesses paying 50% more for electricity

Posted on in Business News , Cycles News , Creative News, Outdoor News

Average electricity prices are around 50% higher for very small businesses than for larger businesses, says Ofgem report.

The Ofgem's new State of the Energy Markets report has revealed that smaller businesses in the UK are facing bigger energy bills than larger ones.

It suggests retail markets "typically work well" for larger businesses but small and micro businesses pay much more on average. That's because larger business customers can often negotiate good deals with suppliers compared to smaller firms, which don't switch frequently.

More than half (58%) of businesses say they have never switched suppliers or have switched only once. Because of this, around 60% of customers are on poor value deals, which can be around £300 more expensive each year than the cheapest fixed term deals, although Ofgem says the number is falling.

The Ofgem report states energy bills have fallen since their peak in 2013 but are higher than they were 10 years ago. The average dual fuel bill for a customer of the Big Six was £1,123 last year - 16% lower compared to three years ago. However, this year all of the largest suppliers increased prices.

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