Executives did not give any specifics on potential prices reductions.
"We're well aware that two of our largest competitors have set dates from which a decrease will take place. We don't want to lose any customers and therefore we are likely to move soon," said Nick Horler, chief executive of ScottishPower.
However, earlier this week Horler said significant price drops would not happen in the foreseeable future and the debate on prices should be left behind in favour of talks about what to do with the UK's ageing energy grid.
Meanwhile, E.ON U.K.'s commercial director of retail Jim MacDonald said a decision had not been taken yet but reassured the committee that the move would come soon.
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