A third of Scottish Power’s customers will see their energy bills increase for the second time this year as the gas and electricity supplier announced another price rise.
The 3.7% increase will mean 900,000 customers on its standard tariff will pay £46 more per year on average. Combined with its June price rise, affected customers will pay £109 more from October, compared with a year previously.
The price hike will take effect on 8 October, making Scottish Power’s standard tariff the most expensive of the Big Six companies.
Scottish Power is the fourth Big Six energy firm to announce a second price rise in 2018.
Affected customers: compare gas and electricity prices using Which? Switch to find the cheapest energy deal for you.
Scottish Power customers: how your bills will change
The price rise will affect only customers on Scottish Power’s variable tariff (called ‘Standard’). If you have a fixed-term tariff, your prices will remain the same until the end of your contract.
Direct debit customers will pay £1,257 on average per year after the increase (up from £1,211). While those who pay on receipt of bill quarterly will pay £1,357 following the price rise (compared with £1,311 now).
Scottish Power says it will contact affected customers and give them the option to move to a fixed tariff to avoid the price increase.
But Scottish Power only has to tell you about its own cheapest deal. If you want to save more money, compare tariffs between all suppliers to see how much you could save.
Need help? Find out how to switch energy supplier.
Why is Scottish Power raising energy prices again?
When Scottish Power announced its first price rise in April, it blamed rising wholesale prices.
It is using the same justification for this second increase – it claims that, since April, wholesale costs have risen by more than 20%.
Neil Clitheroe Scottish Power CEO retail 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’.
Scottish Power prices compared
After the price rise, Scottish Power’s standard tariff will be the priciest of the Big Six firms by £27 (Npower’s will be second most-expensive), unless any other firms announce a price rise too.
Five of the Big Six companies’ standard variable tariffs now cost more than £1,200 per year for the average energy user (SSE is the exception, costing £1,196 per year).
Switching from Scottish Power’s standard tariff to the cheapest on the market at the moment would save you £404 per year after the price rise.
But choosing an energy tariff is about more than price. Check our customer survey revealing the best and worst energy companies to make sure you’re choosing a firm that’s up to scratch for customer service, clear bills and more.
Which? comment on Scottish Power’s price rise
Alex Neill, Which? managing director of home products and services, said: ‘A second price rise within a few months makes this the most expensive Big Six standard variable tariff and will leave almost a million Scottish Power customers reeling. They will have seen their bills hiked by an average of £109 in just over four months.
‘Before the energy price cap comes into effect later this year, customers still stuck on poor value standard tariffs should look to switch now as they could potentially save more than £400 a year.’