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Government pledges £50 fuel bill cut Fuel bill cuts follow energy policy change
(35 minutes later)
The government has unveiled a package of measures which it says will cut energy bills by a total of £50 a year for the average household. Major energy firms have started to announce plans to pass on savings to customers following a new package of measures from the government.
Some subsidies for those in fuel poverty will be moved into general taxation and some green policy targets will be slowed down. British Gas owner Centrica said it would cut bills by £53 in January, two months after a £123 price rise for the average dual-fuel customer.
SSE also said it would pass on savings of around £50 and Npower plans a conditional price freeze until 2015.
The moves come after the government said it would make changes to bills.
Some subsidies for those in fuel poverty will be moved into general taxation and some green policy targets will be slowed down. It said this would cut energy bills by a total of £50 a year for the average household.
Homebuyers could instead be granted £1,000 to spend on energy-saving measures.Homebuyers could instead be granted £1,000 to spend on energy-saving measures.
A number of major suppliers have promised to pass on the savings. New plans
Npower says it will not raise prices any more until spring 2015 unless wholesale costs go up. Major suppliers have been responding to the move, which comes shortly after announcements of inflation-busting winter price rises which angered many customers.
The company introduced a planned price rise of 10.4% over the weekend, but it says that will be reduced, once it has worked out how much changes to government policy will save it. Npower said it would not raise prices any more until spring 2015 unless wholesale costs went up.
Rival power suppliers SSE and Centrica have said they will also pass on cost reductions. The company introduced a planned price rise of 10.4% over the weekend, but it said that would be reduced, once it has worked out how much changes to government policy would save it.
EDF has indicated it will not raise prices again before 2015. SSE and British Gas said they would pass on the savings - the former by April, and the latter in January.
The Energy Minister, Ed Davey, told the BBC the planned moves would save households an average of £50 on fuel bills. Meanwhile, EDF has indicated it would not raise prices again before 2015. In November, it announced a 3.9% rise in bills to take effect in January. This was lower than many of its rivals in anticipation of a move by the government.
Currently the average dual fuel bill for households is £1,340. The Energy Minister, Ed Davey, told the BBC the planned moves by the government would save households an average of £50 on fuel bills.
Currently, the average dual fuel bill for households is £1,340.
Some of the saving will come in the form of a reduction in the Energy Companies Obligation (ECO), which requires energy companies to provide insulation or other energy-saving measures to 400,000 homes a year.Some of the saving will come in the form of a reduction in the Energy Companies Obligation (ECO), which requires energy companies to provide insulation or other energy-saving measures to 400,000 homes a year.
In future, these measures will be paid for by a tax-funded programme of £500m, and will be granted via an average £1,000 stamp duty rebate for home buyers who need to improve energy efficiency at their new property.In future, these measures will be paid for by a tax-funded programme of £500m, and will be granted via an average £1,000 stamp duty rebate for home buyers who need to improve energy efficiency at their new property.