Vattenfall to lower energy prices to below price cap for 700,000 customers in April

Energy company Vattenfall is lowering its energy rates below the government’s price cap for 700,000 customers from April 1, commercial director Cindy Kroon said in the AD on Tuesday. The energy supplier will lower its rates to just above the price cap, but hundreds of thousands of customers also receive a loyalty discount on the price of electricity that will bring them below the ceiling.

“We are going to halve the rates for all consumers and SME customers,” said Kroon. Customers without the loyalty discount will pay 48 cents per kWh for electricity and 1.83 euros per cubic meter of gas from April. The new rates will apply for at least three months, she said.

“We forget that many people also consume more than the amount of energy that the price cap covers. They will notice this enormously. This decrease is badly needed. People could not sustain those high prices for much longer,” said Kroon.

At the end of last month, Vattenfall already announced that it expected to lower rates soon. Vattenfall is the first large energy company to drop its tariffs below the price cap. The smaller Budget Energy already reported that it would reduce its rates below the price cap.