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EDF finally announces a 1.3% cut to gas prices

27 January 2015

Cuts from 'big six' have been 'pitiful' compared to wholesale gas savings.

EDF are the final 'big six' energy supplier to announce a reduction to its gas prices. The 1.3% cut will come into effect on 11 February and will reduce customers' annual bills by just £9, on average*.

EDF's announcement makes them the last of the 'big six' to pass on last year's drop in wholesale gas prices. However, most would agree that at just 1.3%, it was hardly worth waiting for.

Big six price cuts 2015

Date announced

Energy supplier

Reduction

Average saving
in £*

Effective from

13/01/2015

E.on

3.5%

£24

13/01/2015

19/01/2015

British Gas

5%

£37

27/02/2015

20/01/2015

Scottish Power

4.8%

£33

20/02/2015

23/02/2015

Npower

5.1

£35

16/02/2015

26/01/2015

SSE

4.1%

£28

30/04/2015

27/01/2015

EDF

1.3%

£9

11/02/2015



* Based on Ofgem typical annual consumption of 13,500 kWh gas, across all payment methods and regions. Includes VAT at the current applicable rate of 5%

Despite a drop in wholesale prices of around 20%, not one of the 'big six' providers were able to pass on a saving big enough to position them at the top of the 'best buy' table. Currently, the cheapest dual fuel tariff available on the market is challenger energy provider Extra Energy's Fresh Fixed Price January 2016 v9, coming in at £914 a year for a medium energy use household.

Jeremy Cryer, energy spokesperson at Gocompare.com, said: "All of the reductions announced by the big energy firms over the past few weeks have been pitiful compared to the fall in wholesale gas prices at the end of last year. The fact households are being made to wait up to three months to get these meagre savings is really just rubbing salt in the wounds of customers who have been shown that their loyalty counts for almost nothing.

"Despite a near 20% drop in wholesale gas prices at the end of last year, the largest reduction was just 5.1% from Npower. Added to this, only one 'big six' provider, E.on, passed their reduction, just 3.5%, on to customers with immediate effect.

"Hopefully, this lacklustre display from the energy giants will encourage households to drop their allegiances and become active energy shoppers."

All of the top ten cheapest dual fuel tariffs, including the Extra Energy's Fresh Fixed Price January 2016 v10, the cheapest fixed term tariff on the market, are available through Gocompare.com's energy comparison service.

Top ten cheapest dual fuel tariffs

Supplier

Tariff

Annual cost

Saving vs typical bill**

Early exit fees

Extra Energy

Fresh Fixed Price January 2016 v10

£914

£412

£25 per fuel

first:utility

iSave Fixed v44 March 2016

£919

£407

£30 per fuel

Extra Energy

Bright Fixed Price Jan 2016 v9

£919

£407

£25 per fuel

Extra Energy

Clear Fixed Price March 2016 v5

£919

£407

£25 per fuel

E.on

Fixed 1 Year v15 paperless

£920

£406

£5 per fuel

Ovo

Better Energy Fixed (Online)

£920

£406

£30 per fuel 

E.on

Fixed 1 Year v14 paper billing

£930

£396

£5 per fuel

Green Star Energy

Rate Saver 12 Month Fixed 1501 Paperless

£932

£394

£30 per fuel

first:utility

iSave Fixed v45 March 2016

£949

£377

£30 per fuel

Npower

Fixed Energy Online April 2016

£963

£363

None


Based on dual fuel, payment by monthly direct debit, averaged across all UK regions and for households with an annual energy usage of 13,500kWh gas and 3,200kWh electricity (medium user). Correct as of 27/01/2015.

**Saving calculated against an average bill £1,326 as calculated by Ofgem November 2014.

For more information on switching energy supplier, read Gocompare.com's guides, here: http://www.gocompare.com/gas-and-electricity/guide/ .

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