Energy suppliers Scottish Power cut gas prices by 8% - 15/03/2010
Energy suppliers
Scottish Power have announced plans to reduce gas prices by an average of eight per cent from the end of March.
The price cut means around 1.6 million of Scottish Power's domestic gas customers will save an average of £66 a year on their bills.
An additional 60,000 vulnerable customers who heat their homes with electricity will be offered a £50 rebate.
Scottish Power is the last of the Big Six energy suppliers to cut gas prices in an attempt to attract consumers looking to switch gas providers.
Last week, EDF Energy announced that it was reducing its residential gas prices by four per cent - the second price cut in six months.
The recent spate of price cuts comes after energy suppliers were criticised for not passing on reductions in wholesale gas prices to their customers.
Raymond Jack, director of energy retail at Scottish Power, said: "Typically, less than 60 per cent of a bill is now based on wholesale costs."
He added that investment and the delivery of energy to the home make up a sizeable portion of Scottish Power's bills.
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