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Co-operative Energy has today announced it is to cut its electricity prices and is once again calling for the other suppliers to follow its lead and put customers before profits.
As British Gas raises its gas and electricity by 6% today, ethical energy provider, Co-operative Energy is leading the market by reducing its electricity charges by 2% from 21 December 2012. This will make Co-operative Energy, which was the only supplier to freeze prices this winter, £88 cheaper than the average Big 6 standard tariff for online direct debit and £178 cheaper for offline quarterly credit.
The move is driven by Co-operative Energy’s pledge to provide customers with consistently competitive prices and its promise to pass on savings in wholesale energy prices.
Co-operative Energy’s Nigel Mason said:
“Our customers’ interests come first. Unlike our competitors we are not driven by a need to make profits for external stakeholders and we pledge to offer a fair and transparent price for all our customers. Wholesale electricity costs have come down and we were keen to ensure this was reflected in customers’ bills as soon as possible.
“Trust is at the heart of the co-operative. At a time when the image of the energy market is being further tarnished with allegations of manipulation of wholesale gas prices, Big 6 price increases and reports from Ofgem that suppliers’ profit margins are increasing, we need to show that we’re doing all we can to put customers first, build trust and restore faith, which is why we’ve passed on savings and are distributing £105,000 to our customers this month as a half yearly share of profit.”
Over 60,000 households have switched to Co-operative Energy in its first eighteen months and this price decrease, which will take effect from 21 December 2012, will make its electricity prices for winter 2012/13 lower than for winter 2011/12.
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• 16.11.12 – British Gas raise gas and electricity prices by 6%
• 26.11.12 – Npower will raise gas and electricity prices by 8.8% and 9.1% respectively
• 03.12.12 – Scottish Power will raise prices by 7%
• 07.12.12 – EDF will raise gas and electricity prices by 10.8%
• SSE has already raised prices by 9%