Big Six power firm E.ON has announced it has joined EDF, British Gas, npower and SSE in cutting its prices.
E.ON will cut their electricity prices by 6% as of the 27th February. The company say this will take £31 off the average annual bill for three-quarters of their customers. Dr. Tony Cocker, the company’s Chief Executive warned more reductions were unlikely: “Whilst we’re pleased to pass on this recent slight fall in wholesale prices, most experts agree that global energy prices will continue their long-term rise.”
Despite these recent price drops, many consumer groups have criticised the energy firms for not going far enough. E.ON raised its electricity prices by 11.4% back in September and its gas prices by 18% in the summer.
Dr Cocker defended the company’s direction: “No stone is being left unturned as we look at the products we offer, how we support our customers and how we make clear what goes into a bill. The Reset Review will make sure that our customers not only know that we are transparently fair but see that we are too.”