The Co-operative Energy will cut its electricity prices by 2% from 21 December.
The energy company, which supplies 60,000 UK homes, made the announcement after five of the ‘big six’ energy companies announced price increases of between 6%- 11% last month.
Which? executive director, Richard Lloyd, said: “Rising energy prices are one of consumers’ top concerns, so this is welcome news from The Co-operative Energy at a time when millions of household budgets are squeezed. Customers being hit hard by big suppliers’ price rises should now ask why it is that The Co-operative Energy can buck the trend.”
If you’re worried about rising energy prices, you can use Which? Switch to find a better deal on your gas and electricity. Consumers who’ve used Which? Switch to change their supplier have saved an average of £217 on their bills.
The news also comes after SSE, Npower and British Gas’s parent company, Centrica, announced bumper half year profits this week.
While the Co-operative is cutting its electricity prices, its gas prices are expected to remain the same until April 2013.
Earlier this year Co-operative emerged as the winner of our Big Switch auction, with 30,000 people switching to a cheaper tariff with the Co-operative as a result of the campaign. Alongside the Big Switch, Which? has been campaigning for affordable energy, with simpler tariffs so you can compare prices at a glance and get the best gas and electricity deal.
Several large energy companies, including British Gas, blamed their price rises on the cost of government policies, such as insulation and renewables schemes. As a small energy provider, the Co-operative does not have to take part in these schemes and so has more flexibility for a price cut.