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British Gas and EDF cut gas prices British Gas and EDF cut gas prices
(35 minutes later)
British Gas and EDF Energy have announced they are cutting their gas prices, the last of the big six energy suppliers to do so.British Gas and EDF Energy have announced they are cutting their gas prices, the last of the big six energy suppliers to do so.
British Gas unveiled a 5.1% price reduction, followed swiftly by EDF's announcement of a 5% cut.British Gas unveiled a 5.1% price reduction, followed swiftly by EDF's announcement of a 5% cut.
British Gas's price change takes effect on 16 March, while EDF's kicks in eight days later.British Gas's price change takes effect on 16 March, while EDF's kicks in eight days later.
The moves follow a series of reductions in gas prices announced across the industry in recent weeks. The moves benefit customers on standard domestic gas tariffs, not fixed deals.
Over recent weeks, there has been a series of gas price cuts announced across the industry.
The dates of the changes are likely to bring renewed criticism that prices are cut only towards the end of the coldest months.The dates of the changes are likely to bring renewed criticism that prices are cut only towards the end of the coldest months.
The chief executive of energy supply and services for British Gas in UK and Ireland, Mark Hodges, said it was the only major supplier to cut prices twice last year. Shop around
"Taken together, our three price reductions will bring the average household's annual energy bill down by almost £100." British Gas, which is owned by Centrica, said 6.8 million of its customers on dual fuel deals would see an average annual saving of £31 due to the 5.1% cut.
EDF Energy said about 900,000 of its customers would also make an annual saving of £31.
Beatrice Bigois, managing director of customers at EDF Energy, said it had reduced gas bills for the second time in just over a year.
"Our prices are under constant review and today's announcement reflects falls in wholesale gas costs."
Centrica's Mark Hodges, chief executive of its energy supply and services in UK and Ireland, said it was the only major supplier to cut prices twice last year.
"Competitive pricing is the way to retain existing customers and win new business in this hard-fought market."
Some commentators warn that these types of "standard" tariffs are among the most expensive, so there is still benefit in shopping around.
Rachel Fletcher, Ofgem's senior partner for consumers and competition, said: "These price cuts are a movement in the right direction for loyal customers, but they are dwarfed by the savings available by switching from a standard tariff to a fixed deal.
"You could save more money, up to £300, by switching."