The ‘Big Six’ energy companies are seeing their profit margins slump following an increase in competition, according to a report released by environmental charity Friends of the Earth.
The Big Six on the Run: How renewables are disrupting big energy firms everywhere said: “In short, the ‘Big Six’ are on the run. What’s causing them to take fright is the disruptive power of renewable energy – particularly small-scale renewables owned by lots of people.”
The report found that hundreds of thousands of households, businesses and investors have been investing in solar and wind power.
It added that large numbers of non-traditional players have entered the electricity market and are challenging the dominance of the conventional utilities.
It argued renewables will only get cheaper and their deployment will become more widespread.
The charity advised the government to “ditch the Big Six for the Big Sixty Million”, to champion the right of communities to generate and supply their own clean electricity and to allow public bodies such as schools the chance to borrow to cover the upfront costs of installing solar power.