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Benefits of switching gas and electricity suppliers

nPower drops prices by 5.1% as price war escalates

"With a price war now in full swing,we can expect EDF or SSE to drop prices soon. The big suppliers are clustering with price drops between 3.5-5.1% just on gas with nothing off electricity.

npower’s price cut is the largest so far though we still think suppliers could be doing more. The price cuts follow a fall in wholesale gas prices of around 33% since April 2013. This begs the question of why suppliers are not passing on even half of the savings they are making on wholesale gas to their customers. Furthermore, there is still no relief for electricity bills despite a 19% fall in wholesale costs.

“The cheapest tariffs have dropped by over £100, the average cut so far in standard tariffs is just £32.

“Yet again, the biggest winners in the energy market appear to be the energy suppliers and their shareholders who are making excellent profits, while cash-strapped consumers are battered by freezing weather and sky high bills. This morning it was -4 to -10 across large parts of the country and in April we will all be seeing big energy bills.

“While many consumers may feel powerless or confused when it comes to their energy bills, there are simple ways to stand up against crippling costs. The benefit of shopping around and switch energy providers is clear to see. These price cuts show that if you stay on a standard tariff you are doomed to lose out. Customers need to ditch standard tariffs and get on the cheap fixes that are out there which can save you between £200 and £400 a year.”

Created: 28th Jan 2015, Last Modified: 7th Dec 2018, Switchomatic

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