Co-operative Energy cuts prices
Relatively new player in the energy market to reduce bills by average of 3% from February.
Co-operative Energy, Britain’s newest energy company, has announced that it’s cutting its prices from February.
The company is part of the Midcounties Co-operative, which also runs supermarkets and banks. It says its ethos is to “provide customers with a fair and transparent deal”.
Co-operative Energy customers will see their bills reduced by an average of 3% on 1 February. The company says this is a reaction to lower wholesale prices.
It estimates this will save the average dual fuel customer around £35 a year and will make it cheaper than all of the ‘Big Six’ energy companies’ standard tariffs.
Paul Green, Chief Executive of Energyhelpline.com, commented: “Although a new challenger in the market with a small customer base at present, the Co-op is a big consumer brand and there is the possibility that this move could herald a much-needed round of price-cutting in the domestic energy sector."
Co-operative Energy was the last of the major suppliers to raise its prices when wholesale prices went up in the autumn.
Last month, Ovo Energy cancelled price increases it had planned for January, also because of the drop in wholesale costs.
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PS - the overal cost of renewable energy - especially large scale wind is now cheaper then the traditional generators - maybe that's why the Co-op can cut its prices.
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It is the roll out of renewable energy that is helping force down the wholesale price of fuel. All power stations require spinning reserves as they are not 100% reliable. Andrew Stephens - (Energy security campaigner with eleven years served in the power industry).
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It seems odd that the Co-op who are fervent supporters of hugely expensive and 'unfit for purpose,' intermittent renewable energy follies should be cutting their own energy prices. This is obviously window dressing, whilst in their "ethical" agenda, they are encouraging solar and wind projects which are causing significant electricity price hikes through the green obligation subsidies paid directly by the consumers to achieve nothing.
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12 January 2012