Electricity consumption in the UK has dropped significantly in the last two months, according to figures released by the National Grid.

Due to the credit crunch and escalating utility bills demand for electricity in September and October was 3.5% lower than the same two months in 2007.

The recent failure of two independent electicity firms that supplied SMEs, Electicity4Business and Bizz Energy has further decreased competition in the market.

The main six energy suppliers all raised their electricity rates by up to 19% in July and August.