Co-operative Energy is to cut its electricity prices by 2% from next month.
The change will take place on 21st December, and bucks the trend of energy prices announced by the ‘big six’ energy providers.
First was Scottish and Southern Energy, which announced it would hike prices by 9% in October.
Then British Gas and npower announced price rises, with the British Gas change taking effect today.
Scottish Power soon followed with a 7% rise of its own, while EDF will enforce the biggest rise of 10.8% from 7th December. The only big gun that hasn’t yet raised prices is E.ON, which pledged to freeze prices for 2012. However, talk is rife that it will soon announce its own price rise, with rumours of a whopping 11% increase to come into effect in January.
Co-operative Energy has only been in the market for 18 months now, with 60,000 households on its books. It claims that the price cut will mean its prices are £88 cheaper than the average big six standard tariff for online direct debits.
That’s a bit of a false gloat though, as the standard tariffs are always the most expensive offering from any energy firm. So before you rush off to sign up to the Co-op, make sure you compare energy tariffs in your area and for your specific energy use to see which deal will work out cheapest.