EDF Energy has announced plans to cut the price of gas by 5% from February 7. This will reduce the price of a typical gas bill by £38.

It is, in theory, good news, but let's not forget EDF increased gas prices by a whopping 15.4% just a couple of months ago.

On a more positive note, EDF Energy were the last of the ‘Big Six’ to increase prices, and have now become the first to lower them.

Just as the other companies followed suit for the autumn round of price rises, this move by EDF Energy is hopefully an indication that the other five major energy suppliers will take the same action and cut their prices too.

Vincent de Rivaz, chief executive of EDF Energy, said: "What customers want more than anything else is fair, clear and transparent prices. We know they want action rather than words. That is why we are the first major supplier to announce a cut and were the last to increase prices.

"Today’s price cut is further evidence of our commitment to be fairer, simpler and more transparent. This is vital for consumer trust. We are working on a range of further steps as a responsible energy company to continue to build trust."

The price drop comes as a result of a 9.2% drop in wholesale gas prices, following on from a mild winter which led to a lower demand for energy.

It’s good news for consumers, but if you want to lower your personal demand for energy even further, why not consider various energy saving measures around your home, and, in the process save yourself even more money.

[Image: sunshinecity]