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SSE follows E.on with gas price cut SSE follows E.On with gas price cut
(35 minutes later)
The UK's second biggest energy supplier SSE is to cut its standard gas tariff for domestic customers by 5.3%.The UK's second biggest energy supplier SSE is to cut its standard gas tariff for domestic customers by 5.3%.
SSE is the second of the big six suppliers to announce price cuts this winter. Both companies are only cutting gas, not electricity prices.SSE is the second of the big six suppliers to announce price cuts this winter. Both companies are only cutting gas, not electricity prices.
Last week E.ON said it would cut gas prices by 5.1%. Last week E.On said it would cut gas prices by 5.1%.
SSE said the move - which it is estimated will save a typical customer £32 a year - will take effect from the 29th of March.SSE said the move - which it is estimated will save a typical customer £32 a year - will take effect from the 29th of March.
But while EON's customers will benefit from the price cut at the beginning of February - SSE's will have to wait until the end of March.But while EON's customers will benefit from the price cut at the beginning of February - SSE's will have to wait until the end of March.
It leaves the company open to criticism that its customers will not benefit during the winter seasond, the period when they use the most energy. It leaves the company open to criticism that its customers will not benefit during the winter season, the period when they use the most energy.
Probe
The big energy companies have been coming under pressure in recent weeks to cut prices in the wake of steep falls in the cost of wholesale gas and electricity over the past year.The big energy companies have been coming under pressure in recent weeks to cut prices in the wake of steep falls in the cost of wholesale gas and electricity over the past year.
Chief Executive of SSE, Alistair Philips-Davies said," I am pleased that we have been able to announce a reduction in retail gas prices - our third consecutive reduction in household energy prices - and to achieve a significant reduction in the number and duration of power cuts experienced by our networks customers." SSE said it was more difficult to offer a reduction in electricity prices because they had not come down as much as gas and there were significant increases in other supply costs such as the modernising the UK's transmission and distribution network.
A continuing investigation by the Competition and Markets Authority (CMA) has been examining the energy market for 18 months.