ScottishPower latest to hike energy bills for a million users
Energy giant ScottishPower said it will increase its standard variable gas and electricity tariffs by 5.5% for monthly direct debit customers, meaning bills will rise by a typical £63. This will take an average annual dual fuel bill from £1,147 to £1,211.
But for those customers who pay by quarterly credit, their bills will rise higher – by 6.9% or £85 a year. This will take an average annual dual fuel bill from £1,226 to £1,311.
It added that approximately a third of homes supplied will see prices rise, accounting for around 960,000 customers.
The remaining two thirds, such as those on fixed deals, won’t be impacted.
The price rise will take effect from 1 June 2018, and ScottishPower said the price change follows rises in wholesale energy costs, as well as compulsory non-energy costs, such as delivering low-carbon electricity and upgrading meters.
Neil Clitheroe, CEO retail said: “Unfortunately our standard variable prices are increasing. 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.”
Stephen Murray, energy expert at MoneySuperMarket, said: “Unsurprisingly, we’re into the domino effect with energy price rises and the only surprise here is that’s it’s been over a week since the last price rise, from EDF.
“It’s probably the last thing people are thinking about during this mini heatwave we’re enjoying, but we’d encourage you to take action today to stop yourself paying some of the highest prices in the UK energy market. If you’re on a standard variable tariff and haven’t switched for a while, the chances are you’re paying way over the odds for your energy. It just takes five minutes online to switch and you will save more than £250. It’s as simple as that.”