Energy providers confirm price cuts - Gas and electricity - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Energy providers confirm price cuts

Energy providers confirm price cuts

Category: Gas and electricity

Updated: 10/01/2014
First Published: 09/01/2014

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

In the last few days two more energy providers have confirmed they'll be lowering their prices in response to the Government's changes to green levies, with both SSE and Npower passing on savings to customers.

SSE has said prices will be reduced by an average of 3.5% for dual fuel energy customers while Npower has promised to cut bills by 2.6%, with the changes coming into effect in March and February respectively.

Both reductions will see around £50 knocked off the average duel fuel bill with those on fixed tariffs also benefiting from the reduction, while Npower's electricity-only customers will receive a £12 rebate in the autumn.

However, these price cuts come after both providers initially raised their tariffs. SSE's 8.2% hike came into effect in November while Npower implemented a whopping 10.4% rise in December, so although the reductions will have a marginally positive impact on bills it won't be enough to offset the rise.

It means customers will still be paying more than they were this time last year, and according to many insiders the price cuts are too little, too late. Customers are therefore being urged to check their tariff to ensure they're not paying more than they need to be.

Mark Todd, director at energyhelpline.com, said:

"February is expected to be a bitterly cold month with temperatures expected to plummet as a polar high pressure could be coming our way then.

"Now that the big six have all shown their hand, we urge customers to switch to the cheapest deal now before our heating goes into overdrive in February. Savvy consumers should avoid standard tariffs as these are usually £100 - £200 more and offer no price protection."


UK's Cheapest Monthly DD Gas & Electricity Tariffs

Supplier
Average Cost
Saving vs Typical Bill (£1,323*)
Details


iSave Fixed v14
July 2015


£1,037 £286
  • Fixed until
    July 31, 2015
  • £30 per fuel if switching before fix end


New Energy +
Ovo Just Reward

£1,042 £281
  • Fixed for
    12 Months
  • £30 per fuel if switching before fix end


No Worries
24 Months Fixed Version 1311

£1,061 £262
  • Fixed for
    24 Months
  • £31.50 per fuel if you switch away before end of fix



Fixed Price July 2015

£1,077 £246
  • Fixed until July 31, 2015
  • £25 per fuel if you switch away before end of fix

ScottishPower
Online Fixed Price Energy
February 2015 v3

£1,081 £242
  • Fixed until
    February 28, 2015

edf
Blue +Price Promise
April 2015

£1,084 £239
  • Fixed until
    April 30, 2015

* Saving calculated against an average bill £1,323 as declared by Energyhelpline, 2014

Source: energyhelpline.com,08/01/14

All calculations are for an average usage dual fuel household paying by monthly direct debit. Average usage as defined by OFGEM is 13,500 kWh pa of gas and 3,200 kWh pa of electricity

What Next?

Use our online comparison tool and save up to £370

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Common energy mistakes that cost you £££

The heating system is probably working overtime at present, but what if you could cut your bills without battling hypothermia? The key is being energy efficient, yet households could be wasting hundreds of pounds by making costly energy mistakes.

4.8m people switched energy supplier last year

We’re often told of the amount we could save by switching energy supplier, and happily, the message seems to be getting through, with the number of consumers switching providers having reached record levels last year.

EDF cuts gas prices, but hikes electricity

EDF Energy has announced that it’s cutting gas prices for customers on its standard variable rate tariffs, but unfortunately, electricity customers could lose out, as they’ll see a rate increase from March next year.
 
Close