The six largest energy supplies have announced they will reduce their gas tariffs by up to 5.4%, with one smaller supplier also following suit. This follows reductions in the price of gas last year.
The price cuts may seem like good news, but wholesale gas prices continue to drop by more, so we still think that consumers are paying over the odds for their gas. The average saving for current customers will be around £30 per year, but you could save far more by switching energy suppliers.
Which? executive director, Richard Lloyd, said: ‘Price reductions are a step in the right direction for customers struggling with their energy bills. But seeing all of the big suppliers mirror each other with small cuts in the face of falling wholesale prices will raise questions in many people’s minds about whether competition is working in this market.’
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Gas price drops
All of the following energy companies have announced drops in the price of gas of 5 – 5.4%. Some of these will not come into effect until March. Below we show you each company’s reduction and when you will see this on your bill.
- EDF Energy – 5%, from 24th March
- British Gas – 5.1%, from 15th March
- Eon – 5.1%, effective now
- Npower – 5.2%, 28th March
- SSE – 5.3%, from 29th March
- Scottish Power – 5.4%, 15th March
- Ovo Energy – 5.2%, effective now
Click on the links above to read the Which? review of each energy supplier.
Which? calls for fairer pricing
While Which? welcomes this move, energy prices remain high and we will continue to campaign for them to drop further.
In a market where competition isn’t working effectively more has to be done to make pricing fair, switching easier and ensure the most vulnerable are protected. Join our Fair Energy Prices campaign to tell the Competition and Markets Authority to do just that.