ScottishPower price rise for dual fuel gas and electric – ACT NOW! – time to change to a cheaper home energy utilities supplier?
ScottishPower is to increase its standard domestic gas and electricity prices. The ScottishPower price rise will affect over 1 million customers in March. Some of the big players have already announced their price rises, the others are expected to follow with price increases.
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Dual fuel prices will increase by an average of 7.8%. Scottish Power blamed increasing wholesale energy prices for the 7.8% rise in dual fuel prices (a third of its customers hit on average with a 10.8% price increase in electricity and a 4.7% rise in gas).
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Energy regulator – Ofgem said it does not see “any case” for significant price increases where suppliers have bought energy in advance.
Colin McNeill, Scottish Power’s UK retail director, said: “This ScottishPower price rise follows months of cost increases that have already led to significant rises in fixed price products that now unfortunately have to be reflected in standard prices.”
There is an increased chance the government could intervene in the market.
Three other ‘big six’ suppliers – SSE, British Gas and SSE said that that would keep prices at the same rate until the end of March.
- Gas prices for those on a standard tariff will rise by an average of 4.7%.
- Electricity prices for those on a standard tariff will increase by an average of 10.8%.
- If you’re on a dual-fuel standard tariff, you’ll see an average increase of 7.8%. For a typical dual-fuel household paying by direct debit that’ll be an extra £86 a year.
- Prepay customers on a standard tariff WON’T face any price hike for the time being.
- Customers Switching Suppliers hits a six year high.