Spark Energy to drop gas prices on standard tariff by 5.9%
Apr 14, 2016 by Spark
Following a drop in wholesale prices, and in accordance with their Price Promise, Spark Energy is dropping the gas prices on their standard variable tariff by an average of 5.9% across all payment methods.
The leading energy supplier for tenants in Great Britain will make the price drop on the 18th of April, saving the average gas customer around £35 per year.
While wholesale prices have been declining for some time, Spark’s commodity purchasing is hedged 18 months in advance to protect against market fluctuations, meaning that like other major suppliers, savings can now be passed on to customers on their standard tariff.
The move also allows Spark to make good on their Price Promise, which is to maintain their Tenant Saver (Variable) tariff at a level that’s cheaper than the average Big Six standard variable*. Meaning that tenants who move into a property supplied by Spark always inherit a truly competitive standard tariff, with options to save even more by choosing Direct Debit, fixing their prices or paying in advance.
Speaking about the price drop, Spark CEO Chris Gauld said: “I’m really pleased when we’re able to pass savings like this on to our customers. Investment costs are high and margins are very tight in the energy supply industry, and we’re careful to make sure that our buying is sensibly hedged, but I’m glad that we can help tenants make a significant saving like this.”
“Our Price Promise means that we’ll always stay competitive with the Big Six, while providing a better service and generating far fewer complaints†. It really validates our position as the best choice for British tenants.”
* Click here for more information about our Price Promise.
† ‘Better service’ based on Which? customer satisfaction survey and ‘far fewer complaints’ based on Ofgem figures of complaints received per 100,000 customers in 2015.