Independent energy supplier, Co-operative Energy, has announced that it will be cutting the price of energy by around three per cent from February onwards, according to an article published by Reuters.
Having entered the energy market in May of this year, Co-operative have attributed the cuts to a mild autumn - which has seen wholesale energy prices decrease.
Co-operative Energy's customer base of 16,000 will see their electricity bills decrease by 3.5 per cent and gas bills drop by 2.5 per cent on February 1, 2012.
Business development manager at Co-operative Energy, Nigel Mason, commented on the price slash.
He said: "This autumn's exceptionally mild weather has led to a drop in wholesale prices, so we're passing on those savings as soon as we possibly can."
Rivals such as EDF Energy and SSE have said that they are reviewing their prices on a constant basis.
A spokesman for SSE revealed: "If we are in a position to reduce prices, then we will."
Due to the energy tariff rises implemented earlier in the year, Consumer Focus - a supporter of the Big Energy Week - has urged homeowners to switch suppliers to get the best possible deal.
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