A price war in the energy market could be on the cards after Co-operative Energy announced it is to lower its prices next year.
The ethical gas and electricity provider, which has attracted more than 16,000 customers since its launch in May 2011, is to reduce its gas and electricity charges for most customers by an average of 3% from 1 February 2012.
The move will save the average household around £35 per year.
The newest supplier to the market said the move had been driven by its pledge to provide customers with a ‘fair and transparent’ deal, and was also a swift reaction to the recent fall in wholesale energy prices.
The action has been praised by Energyhelpline.com, particularly as it could be the trigger for further price cuts across the domestic energy sector.