Green energy provider Bulb has today cut prices by an average of 3% for duel fuel customers and 4% for electricity-only users, making it the first supplier to do so this year, according to price comparison website uSwitch.
All Bulb customers will benefit from the cut, which takes average annual duel fuel bills from £910 to £887 – a £23 annual saving. Bulb doesn’t supply pre-payment customers.
The provider, which supplies 100% renewable energy and 10% renewable gas, says it’s able to make the cut due to wholesale energy prices falling by 12% since January.
In comparison, the Big Six energy providers have announced a slew of price hikes over recent months. The average increases for dual fuel customers are as follow:
- EDF customers will see hikes of 7.2% from 21 June
- E.on customers will see hikes of 8.8% from 26 April
- Npower upped prices by 9.8% from 16 March
- Scottish Power upped price by 7.8% from 31 March
- SSE customers will see hikes of 6.8% from 28 April
Bulb co-founder Hayden Wood says: "Wholesale energy prices are falling – and it's outrageous that the big suppliers are refusing to pass on these savings to customers.”
Claire Osborne, energy expert at uSwitch, adds: “Amidst the doom and gloom of recent price rises, this cut shows that there could be light at the end of the tunnel for energy customers.
“Bulb raised prices by 7% in November 2016 but this cut will make its tariff £249 cheaper than the average big six standard plan and the cheapest green plan on the market."
She continues: "Bulb’s cut is the first price reduction this year, laying down the gauntlet for others in the market to follow suit now that wholesale prices are starting to fall."
Reports in the press this weekend suggest the Conservatives will announce an energy price cap as part of their election manifesto. The government had already confirmed that it would “set out proposals to help energy consumers as part of the Government’s Plan for Britain”.