Nearly one million Scottish Power customers on its standard variable tariff (SVT) will be hit with price hikes from 1 June, as the Big Six provider becomes the latest to announce increases.
For those who pay by monthly direct debit, the move will result in an average dual fuel price hike of 5.5% or £63 per year, taking the average annual bill to £1,211.
However, those who pay by quarterly credit will see prices rise by a larger 6.9% on average, with dual fuel bills increasing by £85 a year to £1,311.
Neil Clitheroe, chief executive of retail at Scottish Power, comments: “Unfortunately, our standard variable prices are having to go up. This reflects rising wholesale energy costs and compulsory non-energy costs. Two-thirds of our customers are unaffected. We will be contacting all customers affected by the price change to give them the opportunity to move to a fixed price tariff alternative and avoid this increase.”
But affected customers could save nearly £500 by ditching and switching away from Scottish Power’s pricey SVT.
Claire Osborne, energy expert at comparison website uSwitch, says: “It might be hot right now, but this price rise will affect households whatever the weather. Don't be distracted by the heatwave – this will cost customers at least £60 million this year alone.
“Customers can strike back and save a cool £491 by changing supplier.”
Are energy other providers upping costs?
Yes. Of the Big Six providers, EDF and British Gas have dealt their cards:
- British Gas customers will see costs rise by 5.5% from 29 May.
- EDF customers will see prices rise by up to 3.5% from 7 June.
Smaller supplier Bulb has also announced price hikes of 2.8%, which take force from 28 April.