After so many energy price hikes in recent years the cuts will only help reduce the financial pain of the energy poor. Energy prices will remain excessive in the U.K.
The late Tory PM Margaret Thatcher began the process of privatising energy and water in the U.K. selling her 'vision' to the public as offering competition leading to lower prices. That was a lie.
Move forward to 2015 and the U.K.s major energy companies according to Love Money are:
As some left-wing politicians push for renationalisation of energy little wonder that would be a popular policy.
British Gas has the most energy customers in the U.K. compared to its rivals.
Energy companies in the U.K. have been accused of overcharging customers by the Competitions and Markets Authority (CMA) but Mr Conn denies this.
Centrica is also cutting its interim share dividend by 30%.
In 2013 "British Gas owner Centrica threatens to quit UK over Labour's price freeze plan."
More at BBC News
Also Thursday - Royal Dutch Shell cuts 6,500 jobs - cost cutting exercise due to low oil prices hitting profits.