Fourth supplier cuts its prices

Npower became the latest energy supplier to cut prices when it announced a 5 per cent decrease in gas tariffs yesterday.

The Big Six supplier said prices will fall from 1 February, while it will also waive cancellation fees on fixed-price deals for the next two months to allow customers to switch tariffs.

The German-owned company is the fourth supplier to announce price cuts this week. British Gas made an instant average cut of 5 per cent in its standard electricity tariff. SSE, which owns Southern Electric and Swalec, said it would cut the price of gas by 4.5 per cent from 26 March, while French-owned EDF cut gas prices by 5 per cent from 7 February.