Price drops from British Gas and EDF
British Gas are going to knock 5.1% off their standard gas price from March, which is going to save the average customer around £31 per year. With all that extra money in your pocket, maybe you could buy a helicopter and a volcano lair, and invest with whatever's left over.
Anyway, EDF Energy then jumped aboard the price cut wagon, and said that they're going to cut 5% off gas prices. That's worth around £31 too, and that will come into play on March 24th.
Of course, E.On, Npower, SSE and Scottish Power have already announced their price drops, and they're all around the same percentage, all ending up in similar savings for the average customer. Not one of these companies has dropped the price for electricity though, even though wholesale prices having dropping there as well.
Don't think we all haven't noticed.
Not that this will stop the energy companies feeling very pleased with themselves. British Gas boss Mark Hodges said: "Today we’re announcing a further reduction to ensure our prices remain market-leading. Taken together, our three price reductions will bring the average household’s annual energy bill down by almost £100."
"British Gas will be cheaper than 95% of the market, for a typical household on a standard dual-fuel tariff. Competitive pricing is the way to retain existing customers and win new business in this hard-fought market."
What about EDF? Well, managing director Beatrice Bigois said: "We are pleased that we can reduce customers’ gas bills for the second time in just over a year. Our prices are under constant review and today’s announcement reflects falls in wholesale gas costs. There are other costs impacting customers’ energy bills that are beyond our control – these increased steadily during 2015."