Money Facts reports that Co-operative Energy, 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 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.
“This is a welcome Christmas present for Co-operative Energy customers and a shrewd PR tactic as the company can rightly claim to be leading the market on price cuts and delaying price rises,” said Paul Green, chief executive of the independent price comparison service.
The action has been praised by Energyhelpline.com, particularly as it could be the trigger for further price cuts across the domestic energy sector:
“The call to put customers before profits resonates with what many are thinking and could be a powerful way of attracting new business.
“Although a new challenger in the market with a small customer base at present, the Co-op is a big consumer brand and there is the possibility that this move could herald a much-needed round of price-cutting in the domestic energy sector.”
See earlier references which include a challenge from Alan Clawley: