Npower cuts electricity prices

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The group will reduce bills by £43 on average for its three million electricity customers when it comes into effect on March 31.

But npower is not reducing its gas prices, claiming it did not pass on hikes in wholesale gas prices in full to customers last year.

The firm, which has a total of 6.1 million gas and electricity customers, said it raised gas bills by 27% last year, while wholesale prices increased by more than 200%.

Kevin Miles, chief executive of npower retail, said: "Wholesale prices are still higher than in 2007 but we are determined to reduce prices for our electricity customers."

He added the group would continue to keep prices "under review".

The group is the last of the major UK energy groups to reduce prices after wholesale costs have come down from last year's peak.

British Gas was the first to make the move, reducing prices on its standard tariff by 10% from February 19.

Households were hit by soaring energy bills last year as the cost of oil spiralled to near-150 US dollars a barrel.

Oil has since plunged to around 45 dollars a barrel, helping wholesale energy prices retreat.