ScottishPower to cut gas prices
ScottishPower has become the last of the big six energy companies to announce reductions in its tariffs.
The firm said around 1.4 million domestic gas customers would receive lower gas bills from next month, with prices set to fall by an average of five per cent.
This was said to equate to an annual reduction of £36 for both dual fuel and gas only monthly direct debit customers.
Announcing the cuts, Neil Clitheroe, ScottishPower's CEO of Energy Retail and Generation, said: "Our customers want competitive prices from a responsible supplier.
"We understand that household budgets are tight in these tough economic times and with this in mind we are pleased to be able to pass on lower prices and help our customers when we can.
"In October, we pledged not to increase standard prices for gas and electricity over the winter months, extending until at least April 1, 2012. Today's reduction is being made as part of our commitment to continually review our tariffs."
The reduction will become effective on February 27. But the supplier warned that the fast-growing global demand for energy would inevitably lead to higher prices in the long term.
The announcement from ScottishPower came after E.ON announced a 6% fall in electricity bills, benefiting 3.7 million customers, earlier today.
This move will also come into force from February 27, shaving £31 off the average annual bill. But the group left gas prices unchanged.
E.ON and ScottishPower were the final two of the big six suppliers to announce a cut in recent days after falls in wholesale prices, although none has yet cut both gas and electricity.