Octopus Energy Claims Crown as UK's Largest Household Energy Supplier

Data released by Cornwall Insight indicates that as of 31 October 2024, Octopus Energy holds a 23.7% market share of domestic electricity and gas accounts, surpassing the second-largest competitor by 0.6%.

Established in 2015, Octopus Energy now services approximately 12.9 million household energy accounts, marking a notable rise since its inception. This shift in market dominance is particularly noteworthy as it represents the first time the leading energy supplier position has changed since the market was liberalised in the 1990s.

The domestic energy market has seen substantial consolidation in recent years, especially following the upheaval caused by the COVID-19 pandemic and the subsequent energy crisis of 2020. 

Over half of the energy suppliers that operated prior to the crisis have exited the market. Currently, only six companies control over 90% of the energy supply, leaving a mere 8.9% to smaller and medium-sized suppliers, a sharp decrease from over 30% in 2019.

Cornwall Insight’s quarterly Domestic Energy Market Share Survey, which analyses competing suppliers across the 14 electricity distribution regions in Great Britain, revealed this shifting dynamic.

Dan Morris, CEO of Cornwall Insight, commented on Octopus Energy’s achievement. He described it as “the biggest development in the domestic retail energy market” since its inception. 

However, he cautioned that with consumer choice dwindling in a market dominated by a handful of companies, there are concerns regarding the true level of competition and the deals available to households.