The market share held by small and medium-sized energy suppliers has reached a record high, according to the latest figures from the energy regulator.

Ofgem said the “Big Six’s” market share had now hit a record low.

Smaller companies now supply 21% of all customers with electricity and 22% with gas, up from 4.7% and 5% respectively in 2013.

Last year, 5.1 million electricity consumers and 4.1 million gas consumers in total switched supplier, the highest number for almost a decade.

‘Under pressure’

Dermot Nolan, Chief Executive of Ofgem, said: “The largest suppliers are under pressure as more consumers switch away to small and medium sized suppliers.

“With more customers voting with their feet, the message is clear: suppliers need look at what they are offering to their customers or risk losing them.

“Nevertheless, there are still too many consumers who are paying too much for their energy, which is why we are introducing price protection whilst we reform the market, to make competition work for all consumers.”

> See Ofgem's figures