EDF has announced that it is to cut electricity prices by 8.8%, which will reduce the average electricity bill by £40.
The electricity price cut, which will come into effect on 31st March 2009, is the fourth to be announced in recent weeks.
British Gas started the trend, announcing on 22nd January that it would cut the cost of gas by 10%. Scottish and Southern Energy followed suit on 6th February, with energy prices cuts of 4% for gas and 9% for electricity and E.ON announced a price cut 9% electricity price cut on 12th February.
The average household bill for 2.3 million of
EDF Energy customer's will now drop from £1,211 to £1,171 - which is still £264 or 29% lower that its average bill in January 2008.
Will Marples, energy expert at uSwitch.com, commented: "With today's move, energy price cuts are averaging out at £60 or 4.5%[3], far lower than struggling households were expecting. There is still a slim hope of a second wave of cuts this year, but consumers should certainly not bank on it."
Any cuts this year look set to provide only short term relief - consumers will have to take action themselves if they want to bring their energy bills down
Will Marples - uSwitch Energy Expert
"Suppliers are already hinting that prices will be going back up again next year, so any cuts this year look set to provide only short term relief - consumers will have to take action themselves if they want to bring their energy bills down."
He added that consumers should not wait for the remaining price cuts and should act now to cut their energy bills, by making sure they are paying the lowest possible price for their energy and trying to use less of it.
Moving to dual fuel, paying by direct debit and signing up to an online plan will all help consumers to save money on their energy bills - switching to a competitive plan could cut your energy bill by up to £350.*
* Between 1st January and 30th September 2008, at least 14% of people who switched dual fuel energy provider with uSwitch.com saved £350 or more.