EDF to cut gas prices by 1.3%

EDF says it will cut gas prices by 1.3%, the last of the "big six" energy firms to reduce prices in the wake of a fall in the wholesale price of gas.

The company says the cut, which will come into effect on 11 February, will benefit about one million customers.

Both gas and oil prices have fallen recently as slowing economic growth dented demand.

EDF said if further falls in energy prices allowed, more cuts would be passed on "as soon as possible".

EDF's is the smallest price reduction in percentage terms compared with the other big energy suppliers, but the company said that its standard dual fuel price was cheaper than all but one of its rivals.

"We continue to look for ways to bear down on costs for customers and will offer more help to the most vulnerable, for example encouraging them to switch to fixed tariffs," said EDF's chief executive, Vincent de Rivaz.

"If wholesale gas prices create costs reductions which allow further price cuts these will be passed on as soon as possible."

Competition investigation

The energy sector is facing a competition probe after several years of rising prices.

"People want to see bigger savings now and energy companies need to up their game if they want their customers to stick around, said Energy and Climate Change Secretary Ed Davey.

"This is exactly why we're backing the Competition and Markets Authority investigation - to ensure consumers get a fair deal."