British Gas today announced today (12/01/2011) that it will be cutting its electricity prices by 5%.
The price cut is effective immediately, and will affect 5.3 million British Gas customers.
The move comes just one day after EDF announced it will be cutting its gas prices by 5%.
Ian Peters, Managing Director, Energy, at British Gas, said the move could save customers £100 million:
"British Gas, the biggest supplier of gas and electricity to homes in Britain, has today announced an average five per cent reduction in its standard domestic electricity prices.
"The price cut takes effect immediately and re-establishes British Gas as the cheapest major standard electricity supplier, on average, in Britain.
"All 5.3 million British Gas single rate electricity customers on a variable tariff will benefit from the price reduction, each saving an average £24 on their annual electricity bill.
"In a full year, British Gas electricity customers will save more than £100 million."