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The price drop, which equates to a 1% average annual reduction for around 1 million npower customers, came into effect on 20 February 2020.
The npower price drop affected those on a standard variable rate energy tariff from the big six supplier — including those who have let their fixed energy plans lapse and have been placed on npower's default tariff.
Prior to this, in October 2019, npower reduced the cost of its standard variable tariff by 6%, also in reaction to a drop in the price cap rate.
Though prices have dropped, npower has tended towards raising its prices in recent years:
- In February 2019, npower raised its prices for those on standard variable tariffs to the initial price cap level of £1,137
- In June 2018, npower raised its standard variable tariff dual fuel rates by 5.3%, which constituted a £64 rise for customers
What can I do about the npower price change?
If you're currently on an npower standard variable rate plan — either dual fuel, gas only or electricity only - your prices will have dropped by an average of £18 from 20 February 2020.
It's always a good idea to compare the energy market on a regular basis and ensure you're on the cheapest deal possible. Standard variable rate tariffs are often more expensive than fixed plans, meaning it can pay to check you're always on the best possible deal.
You can stay up to date with the latest news from the energy market here and compare energy deals to find the cheapest rate for you.
Which suppliers have changed their prices in 2020?
Most of the major energy suppliers have reacted to the reduction in th price cap level by dropping their prices slightly. The reduced price cap means that suppliers can't charge more than an average of £1,162 for their standard tariffs.
You can read about previous price changes from the big six below:
Will npower change its prices in 2020?
It's difficult to predict how any energy company will act when it comes to raising or freezing its prices.
However, when the energy price cap is next reviewed in August 2020, suppliers will need to amend their prices to make sure they don't exceed the maximum level set by the cap. It's yet to be determined whether the cap will increase or decrease later in 2020.
If you have been affected by an energy price change, then run a energy comparison to see if you can save on your bills.