A cut of 4.5 per cent, it will see the average household pay around Â£1,088 annually for a New Energy dual fuel tariff - in comparison to the Â£1,140 previously paid each year.
Following the cuts Ovo's standard fixed energy tariff is now the fifth cheapest available on the market - sat in behind EDF Energy, Scottish Power, Sainsbury's and Npower according to Utility Week.Â Ovo's decision to implement a price cut has left many speculating over whether the big six energy companies will follow suit.
Meanwhile, First Utility has increased the price of its variable deal by Â£101, Â increasing to Â£1,128 each year; in light of the increase First Utility's deal is now the eighth best deal available on the market.
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