ScottishPower has become the latest big energy company to announce it is cutting its gas prices. It will reduce prices by 4.8% from 20th February, which will equate to an average saving of £33 for customers.

ScottishPower is the third member of the Big Six energy providers to cut gas prices over the last week, following E.ON and British Gas

It has also launched a new fixed-price tariff, which will cost the average energy user £930 a year. Existing fixedprice tariff holders can switch over without any exit fees.

Who’s the cheapest now?

As the table below demonstrates, ScottishPower is still not offering the cheapest deal despite its competitive new tariff. Instead Extra Energy is currently pipping First Utility to the post, if only by £1 for the average energy user. 

Energy supplier

Tariff

Type of tariff

Average annual cost

Extra Energy

Fresh Fixed Price Jan 2016 v8

Fixed (until January 2016)

£918

Extra Energy

Clear Fixed Price March 2016 v4

Fixed (until March 2016)

£919

First Utility

iSave Fixed March 2016 (v44)

Fixed (until March 2016)

£919.49

OVO Energy

Better Energy Fixed (Online)*

Fixed (for 12 months)

£920

E.ON

EON Fixed 1 Year v14 Paperless

Fixed (for 12 months)

£922.99

Extra Energy

Bright Fixed Price Jan 2016 v8

Fixed (until January 2016)

£925

ScottishPower

Online Fixed Price Energy February 2016

Fixed (until February 2016)

£930

Green Star Energy

Rate Saver 12 Month Fixed 1501

Fixed (for 12 months)

£931.60

E.ON

E.ON Fixed 1 Year v14 Paper

Fixed (for 12 months)

£932.99

Co-operative Energy

Fair & Square March 2016 v2

Fixed (until March 2016)

£944

Source: lovemoney gas and electricity comparison centre

Prices based on average consumption as measured by Ofgem of 13,500kWh of gas and 3,200kWh of electricity and a customer paying by monthly direct debit including VAT.

*Not available in region 17 - Scottish Hydro area

Just be aware that the price of your energy will be based on your postcode and may be more expensive, or even cheaper, than the ones listed.

Compare all the gas and electricity tariffs in your area and see if you can save