Energy supplier E.ON is set to reduce its standard gas price from 1 February 2016 by 5.1% – the equivalent of 3 weeks’ gas use or £32 off an average annual gas bill.

E.ON has also launched Britain’s cheapest energy tariff, a one-year dual-fuel fixed product that is available from today and is open to new and existing customers alike. E.ON’s 4.5m residential customers can switch between E.ON products without paying an exit fee.

Commenting on the details announced Tony Cocker, Chief Executive of E.ON UK, said: “Today’s action once again makes our standard tariff the cheapest variable offering of any of the larger suppliers and our new one year fixed tariff is simply the cheapest product of its type on the market today. Our decision to make these moves is the right thing to do and reinforces just one of the reasons why customers have voted us the UK’s number one large energy supplier for customer satisfaction for the last four years running in uSwitch.com’s annual awards. Ultimately, we will always try to do our very best for our customers and today’s action is a real demonstration of that fact.”

Explaining the detail behind the level of the price cut announced today, Tony Cocker continued: “The underlying position is that whilst the price we pay for our customers’ energy has fallen, we also have to take account of managing the various other risks in the market which can change, and the fact that many of the other costs that we don’t control but do have to bear have increased or may increase. Once you’ve built in various uncertainties and other factors, whilst the wholesale market movements may translate across to a dual fuel domestic bill for a drop in prices of under 10%, the inclusion of those other factors translates the percentage to the standard gas cut announced today. We will continue to keep all these factors under review.”

For more information please visit: www.eonenergy.com