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E.ON UK announces 6% cut in electricity prices

E.ON has announced a 6% decrease in its standard electricity prices. The decrease, which equates to £31 off the average annual bill, will take effect from Monday 27th February 2012.

75% of all E.ON customers to benefit
Fixed price fairness: Customers on fixed deals able to change E.ON tariff for free
Reset Review continues and promises real benefits for customers

E.ON UK Chief Executive, Dr. Tony Cocker said: "We understand that household bills are the most pressing concern for families across the country. Reductions over the last few months in the wholesale price that we pay for our customers' energy have now allowed us to help as many of our customers as possible by cutting our electricity price. This 6% cut will help some 75% of all our customer.

"Whilst we're pleased to pass on this recent slight fall in wholesale prices, most experts agree that global energy prices will continue their long-term rise. At E.ON we've provided a lot of support and tailored advice to customers including practical help, such as putting in loft or cavity wall insulation, and financial help to those in most need. Over the coming months we'll continue to help our customers to monitor their energy use and control their bills so that they become energy fit."

Today's drop in prices is only part of the change that is needed in the energy industry, continues Dr. Cocker: "Our Reset Review continues at pace and, with the help of our independent Customer Council, consumer advocacy groups and most importantly our 28,000 strong YourSay panel which is made up exclusively of customers, we‘re going to deliver the changes needed to get back the trust of our customers.

"No stone is being left unturned as we look at the products we offer, how we support our customers and how we make clear what goes into a bill. The Reset Review will make sure that our customers not only know that we are transparently fair but see that we are too."

E.ON continues to help their most vulnerable customers so that they can manage their energy use and therefore bills on a continuing basis. Amongst the many measures and advice on offer this includes providing free cavity wall and standard loft insulation, plus a cheque for £100, to anyone in receipt of Child Tax Credit where their annual household income is less than £16,190 or to anyone claiming Pension Credit.

Ends.

Notes to editors:

75% of all E.ON customers estimates 3.7million customers.
This decrease of £31 is based on an Ofgem average of 3,300 kWh per annum paying by fixed monthly Direct Debit.

Key details:

How much is the decrease announced today?

6% reduction in E.ON's Standard electricity price

What current E.ON products will benefit from this reduction on the 27th February 2012?

Standard & derivatives (all payment methods, Pre-Payment Meter inclusive), including: Unrestricted, E7, E10, E18, Heatwise, Comfort Extra, Electrical Heating, Southern Heat, Standard Reward
Age UK variable products (Age UK Standard, Age UK High User & Age UK Standard Reward)
Energy online
Go Green
Selected Capped products
EnergyFit
Home Energy Pack Reward

What is the effect on the average bill/bills?

The reduction is equivalent to an annual saving of £31 for an electricity customer who pays by monthly direct debit and uses an average amount.

How many customers does this decrease benefit?

Estimated at 3.7m, or 75% of our customers. Over 90% of our customers on standard tariffs will see a decrease (90.5%) as they are supplied with electricity as either a standalone tariff or as part of a dual fuel product.