A fourth member of the 'Big Six' has announced winter price rises kicking in on 6th December.
ScottishPower has become the fourth of the 'Big Six' energy companies to announce price rises for this winter.
The subsidiary of Spanish company Iberdrola says the average dual fuel bill will increase by an average of 8.6%, or £113 a year. Gas prices will rise by an average of 8.5% and electricity prices by an average of 9%.
The changes will come into effect from 6th December.
Customers already on capped or fixed tariffs will not be affected by the price rises.
Treble whammy
ScottishPower, in line with the other three companies who have already announced price rises, has blamed a combination of an increase in future wholesale energy costs, higher energy delivery charges and Government levies for “social and environmental schemes”.
Customers of SEEBOARD and Southern will face the highest price rises of an average 10.2%.
[SPOTLIGHT]In a very defensive press release, ScottishPower highlighted the operating loss of £23 million on its retail and generation businesses in the first nine months of the year. It had, coincidentally, announced that figure yesterday.
It also pointed out its £1.3 billion investment in energy infrastructure and the £2 billion of taxes it says it has paid since 2007.
The company also announced it was scrapping its no standing charge prices and a discount for prompt payment. It said this is in line with regulator Ofgem’s requirement that energy companies cut the number of tariffs they offer.
It will also ends its social tariff for people on low incomes from March and they will be switched to standard tariffs. This is because these tariffs are no longer supported by the Government's Warm Home Discount Scheme.
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If you want to fix your energy price, here are the cheapest fixed tariffs right now.
|
Supplier |
Tariff |
Average Cost |
Saving vs non switcher's typical bill* |
Saving if industry hikes by 8.2% |
Fixed until |
Cancellation Penalties |
|
First Utility |
£1,172 |
£248 |
£364 |
May 31, 2015 |
£30 per fuel until end of fix |
|
|
ScottishPower |
£1,181 |
£239 |
£355 |
March 31, 2015 |
£25 per fuel before fixed end date |
|
|
EDF |
£1,183 |
£237 |
£353 |
March 31, 2015 |
None |
|
|
npower |
£1,202 |
£218 |
£334 |
April 30, 2015 |
None |
|
|
ScottishPower |
£1,204 |
£216 |
£332 |
December 31, 2014 |
None |
|
|
E.ON |
£1,222 |
£198 |
£314 |
12 months |
£10 cancellation fee applies if leaving before the end of the fix |
|
|
Ovo |
£1,226 |
£194 |
£310 |
12 months |
£30 per fuel until end of fix |
|
|
Pioneer |
£1,244 |
£176 |
£292 |
12 months |
£30 for electricity if you switch away before the end of the fixed price period |
|
|
British Gas |
£1,245 |
£175 |
£291 |
October 31, 2014 |
£30 per fuel until end of fix |
|
|
First Utility |
£1,274 |
£146 |
£262 |
January 31, 2016 |
£30 per fuel until end of fix |
|
|
SSE |
£1,274 |
£146 |
£262 |
24 months |
£50 before fixed end date |
|
|
Pioneer |
£1,277 |
£143 |
£259 |
24 months |
£30 for electricity if you switch away before the end of the fixed price period |
|
|
ScottishPower |
£1,291 |
£129 |
£245 |
January 31, 2016 |
£25 per fuel before fixed end date |
|
|
EDF |
£1,340 |
£80 |
£196 |
March 31, 2017 |
None |
*Based on typical gas and electricity bill for someone who has never switched costing £1,420 (Source: Ofgem 2013)
See if you can switch and save on your energy bills