Scottish Power customers will see gas prices fall by 5.4% from 15 March, as the provider has become the third of the big six energy companies to announce price cuts.
But you can save hundreds more by switching, as we explain below.
The price reduction will apply to everyone on Scottish Power’s standard variable tariff, including prepaid customers who pay for their energy via a meter.
Customers with a fixed tariff however, will not see prices fall.
The move follows hot on the heels of fellow big six providers SSE and E.on, which both announced price cuts last month.
You can save hundreds more by switching
Scottish Power says its price reduction will see customers save £32/year, but you can save hundreds more by switching.
Scottish Power’s standard dual fuel tariff for those who pay by monthly direct debit will cost £1,081/year from 15 March (it’s currently £1,113/year).
But the cheapest dual fuel tariff on the market for those who pay by monthly direct debit is currently around £765/year, according to energy comparison site Energyhelpline.com.
Remember, the price you pay for energy depends on how much you use and on where you live. Use our Energy comparison tool to find out the cheapest tariff for you.
‘We should be seeing reductions of at least 10%’
Commenting on today’s news, Ann Robinson director of consumer policy at comparison website uSwitch.com, says: ““This is yet another demonstration that the energy market is broken.
“In a healthy, competitive market, drops in wholesale prices [what energy providers pay for gas and electricity] – which make up around half of bills – would be passed on.
“We should be seeing reductions of at least 10% on standard gas and electricity tariffs.”