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Energy switching services are companies that have come to exist since the EU began deregulating the gas and electricity markets, to open them to competition, in 1996. [1] Progress has been uneven across member countries, but in the UK there is now open competition among suppliers.
uSwitch.com was founded by Lord Milford Haven in September 2000 with an initial £4 million investment to take advantage of the UK's deregulated gas and electricity markets. [citation needed] He partnered with Andrew Salmon, [1] [2] and Vipul Amin. [3] The company subsequently expanded into the telephony and communications markets in 2001.
Collective switching schemes in the UK began in 2014 encouraged by the Department for Energy and Climate Change (DECC) under the Coalition government.DECC believed that collective switching had the ability to increase the competition for consumers within the energy market, particularly people who had never switched before and encouraging suppliers to innovate to acquire new customers.
There is a large range of contract options from a variable price to 1,3 or 5 year fixed prices. Electricity provider switching is difficult once the consumer is in one of these contracts, unless they are close to the end of a fixed price contract. However, as of January 2010 there is a maximum termination penalty allowed. [2]
The Big Six were the United Kingdom's largest retail suppliers of gas and electricity, who dominated the market following liberalisation in the late 1990s. By 2002, six companies – British Gas, EDF Energy, E.ON, RWE npower, Scottish Power and SSE – had emerged from the 15 former incumbent monopoly suppliers (the 14 regional public electricity suppliers and British Gas).
OVO Energy is a major energy supplier based in Bristol, England. It was founded by Stephen Fitzpatrick and began trading energy in September 2009, buying and selling electricity and gas to supply domestic properties throughout the UK.
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