British Gas customers will benefit from a 10% cut in electricity charges, says parent company Centrica, as a result of falling wholesale energy prices which have been on the decline since October last year.
British Gas is the UK’s largest residential energy supplier and says the price cuts that become effective immediately will reduce bills for around 4.5million households. The news follows a cut in gas prices from the same supplier in February.
While British Gas was first of the major suppliers to announce a price cut for gas, they are the last of the ‘big six’ to offer a cut in electricity prices. However pressure is still on the utilities companies to pass on further reductions particularly as wholesale gas prices have dropped by around 50% since mid February.
The six major energy suppliers are Centrica, RWE’s npower, E.ON, EDF Energy, Scottish & Southern and Iberdrola’s Scottish Power.
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