E.On cut gas prices - others to follow suit
E.On have decided to cut their prices, buckling under the pressure of complaints, saying that the Big Six suppliers haven't been doing enough. They're the first of the big guns to lower their prices, saying that there's going to be a 5% drop in gas bills.
This comes into play on February 1st, and in real money, works out at around £32 off your average bill.
Seeing as wholesale costs have been falling, there's been a lot of chatter and yelling about gas bills, and after numerous complaints from customers, campaign groups got involved, and so too did energy regulator Ofgem.
Of course, the real good news here, is that E.On dropping their prices invariably means that the other providers are going to have to follow suit, or else look like uncaring tightwads. There's already rumours that British Gas are preparing a similar cut in price, but were just beaten to the punch by E.On.
If British Gas and E.On do it, then it shouldn't be too long before EDF, Npower, SSF, and Scottish Power get on board too.
However, you might be thinking that this is all a bit underwhelming... and you'd be right to, even though any fall of price is to be welcomed. This is long, long overdue, as the wholesale prices have been dropping quickly, while the energy companies decided to do nothing for the most part, other than scratch their arses.