Npower customers will see gas prices fall by 5.2% from 28 March, as the provider has become the fourth of the big six energy companies to announce price cuts.
But you can save hundreds more by switching, as we explain below.
The price reduction will apply to 1.2 million customers on Npower’s standard variable and capped tariffs, including prepaid customers who pay for their energy via a meter.
Customers with a fixed tariff however, will not see prices fall.
The move follows hot on the heels of fellow big six providers SSE, E.on and Scottish Power, which have recently announced the following price cuts:
- E.on will cut gas prices by 5.1% from 1 February.
- Scottish Power will cut gas prices by 5.4% from 15 March.
- SSE will cut gas prices by 5.3% from 29 March.
You can save £300 by switching
Npower says its price reduction will see customers save £32/year on average, but you can save hundreds more by switching.
The big six energy provider’s standard dual fuel tariff for a typical user who pays by monthly direct debit will cost £1,077/year from 28 March.
But the cheapest dual fuel tariff on the market for those who pay by monthly direct debit, is currently £765/year, according to energy comparison site Energyhelpline.com.
Remember, the price you pay for energy depends on how much you use and on where you live. Use our Energy comparison tool to find out the cheapest tariff for you.
‘Too little too late’
Commenting on the news, Ann Robinson director of consumer policy at comparison website uSwitch.com, says: “Consumers will be exasperated at yet another small cut from the big six which, quite frankly, is too little too late.
“Hard-pressed customers should be seeing double-digit cuts to bills, to help stay warm and keep the lights on this winter.”
But Npower defends the 5.2% cut in prices, saying that as it buys energy “months even years ahead”, it’s still playing “catch-up” with falls in the wholesale market.
In addition, it says there have been increases to other parts of the bill such as, network, distribution and smart metering costs.