Major energy company Scottish Energy has announced it will reduce both its electricity and gas prices on March 31st, in a bid to convince consumers to switch energy suppliers.
Electricity prices will be cut by an average of three per cent, while gas prices will be reduced by an average of 7.5 per cent. The development is set to benefit over five million UK homeowners.
The company said that customers paying by direct debit for a dual fuel deal will see their annual costs cut by £54.
Willie MacDiarmid, Scottish Power's director of retail energy, said: "The past year has seen unprecedented volatility in the wholesale energy market and the future outlook remains challenging. Although wholesale prices have fallen recently, the market remains volatile."
He added that Scottish Power was only the second of the UK's major energy suppliers to announce cuts to both gas and electricity tariffs.
All the energy companies have been criticised for not offering cheaper rates during the winter months that saw freezing temperatures across the UK.
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