SSE to cut gas prices by 5.3% from March

It’s the second gas supplier to announce price cuts this year after German-owned E.On said it would reduce its standard residential price of gas by an average of 5.1% from 1 February.

Centrica's British Gas also slashed prices last August.

SSE’s price drop, which is the company’s third in two years, is due to save the average household £32 a year.

The move comes three months before the company’s price freeze from March 2014 is due to end.

Chief executive Alistair Phillips-Davies said the company continues to fulfil its core purpose of providing energy people need in a reliable and sustainable way.

“I am pleased that we have been able to announce a reduction in retail gas prices - our third consecutive reduction in household energy prices - and to achieve a significant reduction in the number and duration of power cuts experienced by our networks customers.”

However, he said market conditions continue to be challenging.

“Nevertheless, SSE remains a resilient and diverse business, with a strong commitment to operational efficiency and delivering value for customers and investors.

“It remains firmly focussed on delivering this year's financial objectives and making sure that the business is fully prepared for the future."