ESB (Electricity Supply Board), the historical power utility in Ireland, has decided to enter the British retail market and to launch an energy supplier in the United Kingdom later in 2017.
The company, which already supplies 2.3 million customers in Ireland, will join Engie and Vattenfall, which have also set up British retail units. The energy market in the United Kingdom is highly competitive, with more than 50 suppliers offering gas and electricity to end customers.
Recently, the Competition and Markets Authority (CMA) increased its pressure over the six largest suppliers known as "Big Six", namely Centrica's British Gas, SSE, Iberdrola's Scottish Power, EDF Energy, E.ON and Innogy's npower, which overcharged £1.4bn/year between 2012 and 2015. Suppliers have now been required to cut their maximum tariffs for customers on prepayment meters and the British government is reviewing energy costs to reduce long-term energy bills.
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