Energy company reduces gas prices
Utility group EDF Energy has become the latest provider to announce a gas price reduction as it unveiled a 4% cut in standard bills.The firm said the reduction would take effect from March 26 and will see around 1.5 million gas customers benefit.
EDF is the fifth of the "big six" providers to lower prices in the latest round of cuts, leaving Scottish Power as the only group yet to announce bill changes.
The cut from EDF came after the group overhauled its pricing last October, which has seen gas-only customers benefit from two reductions in tariffs in the last six months.
EDF said standard bills for gas-only customers will be 6.9% cheaper since October 2009 when the latest cut comes into effect.
Those paying by monthly direct debit will have seen even greater reductions, with prices down by 10.6% in the past six months following today's decrease and the bigger discounts for paying by direct debit introduced in October.
The current raft of price cutting has highlighted the difference between the cost of bills paid quarterly on receipt and those paid in advance by direct debit.
Npower revealed on making its price decrease announcement earlier this week that the average gas-only customer who pays quarterly would see 6.7% come off their bill, but that this increased to 7.8% when direct debit discounts were taken into effect.
Consumer Focus has also renewed calls for an investigation of the sector by the Competition Commission as it said the cuts so far from the "big six" providers showed a lack of competition.
The consumer watchdog raised concerns that suppliers were cutting by almost identical margins within days of each other.
Those paying by monthly direct debit will have seen even greater reductions, with prices down by 10.6% in the past six months following today's decrease and the bigger discounts for paying by direct debit introduced in October.
The current raft of price cutting has highlighted the difference between the cost of bills paid quarterly on receipt and those paid in advance by direct debit.
Npower revealed on making its price decrease announcement earlier this week that the average gas-only customer who pays quarterly would see 6.7% come off their bill, but that this increased to 7.8% when direct debit discounts were taken into effect.
Consumer Focus has also renewed calls for an investigation of the sector by the Competition Commission as it said the cuts so far from the "big six" providers showed a lack of competition.
The consumer watchdog raised concerns that suppliers were cutting by almost identical margins within days of each other.
© 2012 Press Association