EDF and Scottish Power cut bills
EDF and Scottish Power will today cut their prices - the last of two of the Big Six energy providers to lower their costs.
The move follows a multitude of complaints from customers - and the pair have also been criticised by energy regulator Ofgem, which recognised that both EDF and Scottish Power were slow to pass on cuts to the consumer.
Scottish Power customers will see their gas bills drop by as much as 16.5 per cent and their electricity bills cut by up to 5.5 per cent. EDF Energy customers will see gas bills drop by 10.2 per cent, in contrast.
The move comes after UK consumers have had to endure months of energy price rises, at a rate far outweighing inflation. Suppliers said that rising wholesale costs were behind the rises - but, now that these have fallen back down to low levels, providers have come under increasing pressure to drop their charges.
Gas prices have risen by over 80 per cent since January 2004 while electricity costs are up by more than 50 per cent. Despite this, analysts say that not one of the Big Six has dropped its prices in line with the fall in wholesale costs.
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