Energy company Npower has announced that it will cut gas prices by 5% from 1 February.
The move comes in the same week that three other major suppliers have announced price cuts, as wholesale prices dip during a mild winter. Small suppliers OVO Energy , First Utility and Ebico have also announced price cuts.
British Gas has cut its electricity prices by 5% with immediate effect and SSE will reduce gas tariffs by 4.5% on 26 March.
EDF Energy will cut its gas tariff by 5% on 7 February.
The mild winter has led to lower demand for energy, with wholesale prices having fallen recently.
"It is obviously no coincidence that several energy companies have announced price reductions this week and we do not apologise for joining them," said Paul Massara, chief commercial officer of Npower.
The move comes in the same week that three other major suppliers have announced price cuts, as wholesale prices dip during a mild winter. Small suppliers OVO Energy , First Utility and Ebico have also announced price cuts.
British Gas has cut its electricity prices by 5% with immediate effect and SSE will reduce gas tariffs by 4.5% on 26 March.
EDF Energy will cut its gas tariff by 5% on 7 February.
The mild winter has led to lower demand for energy, with wholesale prices having fallen recently.
"It is obviously no coincidence that several energy companies have announced price reductions this week and we do not apologise for joining them," said Paul Massara, chief commercial officer of Npower.
Npower raised its gas prices by 15.7% and its electricity prices by 7.2% in October. This time, its electricity price is unchanged.
Scottish Power and E.On customers will expect to see their suppliers rapidly follow suit given the speed from other suppliers.
These cuts will not compensate for the big rises in 2011, they will not transform the energy market or significantly lessen the burden on hard pressed consumers.
Customers should be aware that whilst the reductions are welcome, the amount of the reductions are approximately one third of the Autumn price increases and so far all the major suppliers have only reduced the cost of one fuel.
The price reductions additionally are only off the standard rate products and these are in general 10-15% higher than the best tariffs available online at sites such as
