EDF Energy announce 5 per cent cut to gas prices

Wed, 11 Jan 2012
 
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EDF Energy, one of the UK's largest gas and electricity suppliers, has announced it is to cut gas prices by 5 per cent from next month.

The move, which will take effect from 7 February, is expected to save its 1.4 million customers around £38 on their annual gas bill (with the average dual-fuel customer paying around £1,203 a year), and comes in response to a sharp fall in the price of wholesale gas.

Other major energy suppliers such as British Gas are likely follow suit, which could lead to lower bills for the majority of UK consumers.

Vincent de Rivaz, chief executive of EDF Energy, said: "What customers want more than anything else is fair, clear and transparent prices."

"We know they want action rather than words. That is why we are the first major supplier to announce a cut and were the last to increase prices."

According to the company, wholesale gas prices have dropped by 9.2 per cent since the start of November when it increased its gas bills by 15.4 per cent.

Some smaller UK suppliers have already brought their tariff prices down and the pressure is now on the country’s major energy firms to make similar moves and pass on the savings in wholesale prices to their customers.