LONDON Iberdrola's Scottish Power, one of Britain's big six power companies, will reduce its domestic gas prices by an average of 5.4 percent from March 15, it said on Tuesday, after similar cuts by other energy suppliers in the past two weeks.
"This latest price reduction means the average annual gas bill on standard tariff will reduce by 32 pounds as of March 15 with over 1 million customers benefiting from reduced prices," Neil Clitheroe, Scottish Power's chief executive of Retail and Generation, said in a statement.
Wholesale gas prices are trading at multi-year lows because of a milder winter than usual, an oversupplied market and pressure from falling commodity prices.
SSE said last week it would cut its domestic gas prices by an average of 5.3 percent from March 29, while E.ON announced a 5.1 percent reduction from Feb. 1 a week earlier.
Britain's biggest energy suppliers, which also include Centrica, RWE npower and EDF Energy, are facing a shake-up from the outcome of a competition watchdog investigation set to conclude in June.
(Reporting by Nina Chestney; editing by David Clarke)