January 2015 Big Six Gas Price Cuts – Roundup

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This month has seen all the of the Big Six energy suppliers reduce the price of gas for domestic customers, after criticism towards the end of last year for not passing on savings from falling wholesale gas prices. Although the reductions may, so far, be too small to declare a fully fledged ‘price war’, the reductions still spell savings for customers, no matter how small.

E.On was the first to slash its prices, spurring the consecutive reductions which ended with EDF Energy bringing up the rear.

Supplier:

|

**Reduction

Amount:**

|

**Average

Saving:**

|

Takes Effect:

|
|

E.On

|

3.5%

|

£24/yr

|

January 13th

|
|

British Gas

|

5%

|

£37/yr

|

February 27th

|
|

Scottish Power

|

4.8%

|

£33/yr

|

February 20th

|
|

nPower

|

5.1%

|

£35/yr

|

February 16th

|
|

SSE

|

4.1%

|

£28/yr

|

April 30th

|
|

EDF

|

1.3%

|

£9/yr

|

February 11th

|

 

Independent energy company, Ecotricity, has also joined in the price reduction frenzy, offering a 6.1% drop in their gas prices – by far the biggest reduction on the whole market. This amounts to an average saving of £42/year for consumers, which is more than any of the Big Six. However, Ecotricity customers will have to wait until the 1st of May to reap the benefits of this reduction.

Some of the Big Six suppliers have been criticised for making meagre ‘token’ cuts, rather than genuinely intending to pass significant savings onto their customers. Wholesale gas prices have fallen by around 20% in recent months, and so the 1-5% reductions that suppliers have offered seem fairly unimpressive.

It has also been pointed out that all of the above reductions were applied to the suppliers’ standard tariffs, which are usually the most expensive to begin with. Consumers are still encouraged to perform a price comparison of the energy market, as the biggest savings can be had by switching. 

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.


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