Energy supplier npower has followed the lead of several other major providers by announcing it is to cut its prices.
The firm stated it will reduce its gas tariffs for domestic energy customers by five per cent, with the decrease coming into effect from February 1st.
All customers on standard and capped deals are set to see their bills fall as a result of the move, which comes shortly after rivals EDF and SEE both announced similar reductions in the cost of gas.
Chief commercial officer at RWE npower Paul Massara said: "It's obviously no coincidence that several energy companies have announced price reductions this week and we do not apologise for joining them."
He added wholesale costs have fallen to a level where the company can justify a price cut, as least in the short term.
The firm also confirmed that for the next two months, it will be waiving cancellation fees for customers on fixed-price contracts who may want to perform an energy price comparison and move to a cheaper tariff with the provider.
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