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Scottish & Southern Energy (SSE) is to cut its gas and electricity prices, the firm announced today.

From March 30th, average prices for electricity will fall nine per cent and gas prices will fall by four per cent for the firm's nine million customers.

The move follows the decision from British Gas last month to cut its own gas prices by ten per cent.

SSE – which supplies Southern Electric, SWALEC, Scottish Hydro Electric and Atlantic – claims the average dual fuel customer will see annual bills fall by £66 to £1,193 on average – which the firm says is four per cent less than British Gas after its cut.

The company said the fall in wholesale prices which started in July last year had continued allowing it to make the cuts – but its warned forward annual wholesale prices for electricity and gas remain 46 per cent and 51 per cent higher in January 2009 than January 2007.

Ian Marchant, SSE chief executive, announced the firm would record a rise in profits.

"Despite a turbulent year in financial and energy markets and in the economy as a whole, we are still on course to deliver a modest increase in adjusted profit before tax," he said.

The firm announced it was on course to deliver a full-year dividend of at least 66p for 2008/09 for shareholders – a rise of 9.1 per cent.