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Energy providers cutting prices

12 January 2012 16:58:42

British Gas and SSE have followed EDF in cutting prices. image
British Gas and SSE have followed EDF in cutting prices.
With British Gas and SSE following in the footsteps of EDF and announcing cuts to energy prices, now is a great time to compare gas and electric deals to make sure you are on the best possible tariff.

Now that three of the major suppliers have announced price cuts, some are predicting an energy price war could break out.

British Gas has reduced the cost of its single rate electricity by 5% effective immediately, while SSE will be cutting its standard gas prices by 4.5% on March 26th.

These announcements come just one day after EDF got the ball rolling by slashing 5% off its gas bills, effective from February 7th.

Announcements draw mixed response

While the price cuts have been welcomed, many have been quick to point out that the Big 6 providers do not shy away from increasing their bills when wholesale energy prices rise, so it is only right that they should make cuts when their own costs fall.

In fact, these cuts come just months after energy companies left many customers fuming by raising bills. And with wholesale gas prices dropping by almost 10%, some have also questioned why bills are more expensive now than they were at the start of 2011.

Responding to the latest cuts, Paul Steedman, an energy campaigner for Friends of the Earth, said: "Customers won't be fooled by energy companies following EDF with last-minute winter price reductions - they know that even with today's cuts their prices have soared within the last year."

However, some have been more welcoming, with Citizens Advice chief executive Gillian Guy saying: "British Gas' price cut is a step in the right direction and it is good their customers won't have to wait to see the difference in their bills.  We're also pleased to see SSE drop its prices too but it would be better for their customers if it started sooner, rather than the end of March.

"Suppliers can do more and the rest of the energy companies need to follow suit - wholesale prices have dropped and customers must feel these benefits as soon as possible."ADNFCR-2196-ID-801263231-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

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