ScottishPower has become the third large energy company from the ‘Big Six’ suppliers to announce household price cuts this year, these cuts are scheduled to reduce average annual bills by £32.
ScottishPower have announced they are to cut its standard gas prices by 5.4% from mid-March, saving a typical household £32 a year.
The Glasgow based company is the third of the ‘Big Six’ suppliers to announce a gas price reduction this year, after pressure from politicians to reflect the falling price of wholesale costs in a fairer tariff.
The reduction, which will affect about one million households on the supplier’s standard variable tariff, will not come into effect until March 15, meaning customers are still paying more during this colder winter weather.
Earlier this year E.On was the first to announce a 5.1% price, effective from February 1, this was subsequently followed by SSE, who announced they will slash their prices by 5.3% after Easter.
Stephen Murray, of MoneySuperMarket, said ScottishPower’s price cut was “hardly worth shouting about”. Murray stated “These price cuts are long overdue considering the sharp falls seen in wholesale gas prices over the last year, but they just don’t hit the mark.
“It will still leave these customers paying on average nearly £300 more than those who have shopped around and switched to one of the many fixed price deals already available.”