British Gas, the biggest supplier of electricity to homes in Britain, has today cut an average 10 per cent off its standard electricity prices.
British Gas, the biggest supplier of electricity to homes in Britain, which serves around one in every four homes, has today cut an average 10 per cent off its standard electricity prices.
The price cut for 4.5 million customers takes effect immediately, and makes British Gas, on average, the cheapest electricity supplier in Britain.
British Gas’s electricity rates are now as much as £111 lower than the local supplier. British Gas’s dual fuel prices for customers who pay by monthly direct debit are now, on average, the cheapest in the UK. The average annual dual fuel bill for a British Gas customer is now £1,127.
Today’s price cut follows the company’s 10 per cent cut on gas prices, which took effect on 19 February this year. British Gas was the first major company to lower prices for its customers this year. Together, these two price reductions – the biggest by any major energy supplier this year – will save British Gas customers an average £132 on their annual dual fuel bill.
Managing Director, Phil Bentley, said: “British Gas is offering existing and new customers the cheapest electricity rates in the market place.
“We want to do what we can, when we can, for our customers. When we were able to cut gas prices earlier this year, we did. And I’m pleased we are now able to cut an average 10% from our standard electricity prices and continue to help our customers during this economic downturn.”
All British Gas electricity customers on standard tariffs – including those with pre-payment meters – will see the benefit of the price cut.
British Gas has a strong record of pricing competitively on electricity. Since the start of this year, the company has grown the number of electricity customers by 40,000, which is an average of more than 2,000 each week.
Wholesale electricity prices have come down, allowing British Gas to pass a welcome saving on to its customers, while maintaining the robust level of profitability required to fund the investments needed to secure future energy supplies for Britain.