UK energy supplier Npower says it will freeze its prices until spring 2015, unless wholesale costs increase.
Chief executive officer Paul Massara said: "We don’t plan to increase energy prices before Spring 2015, unless there are increases in wholesale energy costs or network charges."
The company introduced a planned price rise of 10.4 per cent over the weekend but says it will reduce this once it has calculated how much changes to government policy will save it. The news comes after the coalition outlined its proposals to reduce energy bills by an average of £50 a year, in a bid to take action on rising costs.
We welcome today's announcement as an important step in cutting energy costs for our domestic customers. As a result of this announcement we will reduce our bills.
We are currently calculating how large this reduction will be, and can assure our customers that it will fully reflect the reduction in the costs to our business.