Energy firm EDF has lost more than a quarter of a million UK customer accounts in the past year, it has emerged.
Due to increasing numbers of customers choosing to switch their gas and electricity suppliers, the company lost 266,000 UK customer accounts during the last 12 months.
According to French-owned EDF, most of the losses came at the start of the year and the drop in numbers has started to slow.
Despite the slide, EDF still has 5.4 million UK customers.
Firgures from Ofgem show that 1.1 million gas customers switched between January and May, while 1.4 million electricity customers changed suppliers during the same period. Among those, 44 per cent moved to independent suppliers.
As of March, independent firms held 10 per cent of the UK energy market. That was up from two per cent in January 2013.
On Thursday (July 30th), British Gas owner Centrica announced that it would be cutting 6,000 jobs. Currently, it is the UK's biggest energy provider with 27.9 million customer accounts. British Gas has also made a five per cent reduction in its prices.
However, it is not clear whether EDF plans to follow suit.
A spokesman for the company said: "Our prices are under constant review and we work to ensure that our tariffs attract new customers and offer good value to existing ones."
He pointed out that EDF's standard dual fuel prices have been the cheapest among major suppliers for the majority of the last three years.
UK profits for the firm, before interest, tax and other charges were flat at €1.3 billion (£911million). This was held back by lower electricity market prices but supported by greater cost control, reports the BBC.
Meanwhile, group profits on the same measure were €9.1 billion – up 3.6 per cent. Net profit was flat at €2.5 billion and sales were up 6.3 per cent to €38.4 billion.
At the close of the stock market in Paris, shares in EDF were down .71 per cent to 21.69.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.