moneysupermarket.com: Scottish Power price cut

Commenting on Scottish Power’s decision to cut gas prices by an average of 11 per cent and electricity prices by 2.6 per cent, Paul Schofield, head of utilities at price comparison website moneysupermarket.com, said:

“The cuts of up to 16.5 per cent for gas and up to 5.5 per cent for electricity still only places Scottish Power as third cheapest for ‘Standard’ and second cheapest for ‘Online’ dual fuel tariffs. The average price drops are 11 per cent for gas and 2.6 per cent for electricity, which means these falls aren’t as significant in some regions.

“These cuts, and the ones announced by EDF yesterday, don't take effect until June 15. Wholesale gas prices started falling last year, so how can suppliers justify waiting so long to pass on the savings?

“Although this announcement will be welcomed by those paying by direct debit, it’s not good news for customers opting to pay by quarterly cash or cheque. These customers will see an average drop of five per cent drop in gas prices and no change to the cost of their electricity.

“With the ‘Big Six’ energy suppliers having finally declared their hands, now is the time to evaluate your energy bills and, if necessary, swap to a different deal or provider. We anticipate a flurry of activity from customers keen to recoup some of their winter losses and plenty more price competition between suppliers. Customers should take note that the best deals are still to be found on ‘Online’ tariffs paying by direct debit.”