Scottish Power announces its second price rise of the year
Almost one million Scottish Power customers will see their gas and electricity bills rise by an average of 3.7% or £46 a year, after the firm announced its second price hike of the year.
Around 900,000 Scottish Power customers will be affected by the rise, which kicks in on 8 October. Those on fixed tariffs or prepay tariffs aren't affected.
This is the second price rise the company has announced this year, with customers seeing annual bills increase by 5.5%, or £63, on average back in June. See our 960,000 Scottish Power customers hit with June price hike MSE News story for more. The combined rise means Scottish Power's standard tariff is the most expensive of the big six.
The news comes after British Gas announced its second price hike of the year earlier this month – meaning four of the big six energy firms have now announced two price rises this year.
Don't wait for the rise – see if you can switch and save £100s/year NOW with our free Cheap Energy Club.
'Hundreds of thousands of people will rightly be furious'
MoneySavingExpert.com deputy editor Guy Anker said: "Hundreds of thousands of people will rightly be furious with Scottish Power when they hear of yet another price hike. But its customers need to turn that anger into action.
"For someone with typical use, those on Scottish Power's standard tariff can save £100s a year by ditching and switching. This is the fourth of the big six to announce a second price hike this year after British Gas, E.on and EDF, and as they're like sheep we expect Npower and SSE to follow shortly.
"So the message is plain. If you do nothing you WILL be taken advantage of."
I'm a Scottish Power customer – how will my prices change?
You're only affected if you're on Scottish Power's standard tariff. For the average standard variable domestic customer:
- If you pay by direct debit – the average bill will increase from £1,211 to £1,257 a year – an increase of 3.8%.
- If you pay by quarterly credit – the average bill will increase from £1,311 to £1,357 a year – an increase of 3.6%.
These estimates are based on typical annual consumption of 3,100kWh electricity and 12,000kWh gas.
How can I beat the hike?
There are no exit fees with Scottish Power's standard variable tariff, so you can ditch and switch penalty-free at any point. If you're on the tariff, you're likely to already be overpaying. Switching to the cheapest deal on the market at £853 means you could save upwards of £400/yr based on typical use.
If you want to stick with Scottish Power, then the firm has a cheaper tariff – its Super Saver August 2019 tariff – fixed for a year at £1,000, so you could save £100s. The average big six rate is now around £1,213.
Use our free Cheap Energy Club to do a full market comparison to find the best deal for you.
What does Scottish Power say?
Scottish Power chief executive of retail Neil Clitheroe said: "We have seen significant increases in wholesale energy costs since April, and like others in the industry, this means that we need to increase our prices.
"More than two-thirds of our customers are on fixed price products or other tariffs not impacted by this price change. Those customers affected by the price change will be contacted and offered the opportunity to move to a fixed price tariff alternative and avoid this increase."