With the announcement that E.On is to cut their customers’ electricity bills by 6%, Scottish Power remains the last one standing to drop energy prices after EDF Energy, British Gas, npower and SSE all confirmed price cuts last week.
For E.On’s 3.7 million electricity customers, the drop will come into effect from 27 February. With no one implementing a dual fuel cut, the energy provider’s gas prices will remain unchanged.
According to E.On – now the fifth of the “Big Six” energy firms to instigate cuts to either gas or electricity tariffs – around 75% of the households it supplies will benefit from a reduction in their average annual bill of around £31.
Thanks to falling wholesale energy prices, energy companies have been facing increasing pressure to pass on reductions to customers.
“Whilst we’re pleased to pass on this recent slight fall in wholesale prices, most experts agree that global energy prices will continue their long-term rise,” commented E.On UK’s chief executive, Dr. Tony Cocker.
Dr Cocker added that as one of the UK’s largest energy providers, E.On is committed to providing financial advice and support to its millions of customers, including helping them to benefit from energy efficiency measures such as cavity wall insulation and loft insulation.
“Over the coming months we will continue to help our customers to monitor their energy use and control their bills so they become energy fit,” he added.
The cuts will take a customer’s average annual dual fuel bill to £1,159 which would make E.On’s standard tariff the third cheapest after npower and EDF Energy.
It seems Scottish Power’s customers will have to wait a little bit longer to hear whether they will be in line for similar price cuts.