Scottish Power becomes latest to announce second price rise
The 3.7%, increase, due to come into effect in October, is predicted to hit 900,000 customers currently on a Standard Variable Tariff (SVT). The average bill will increase by £46 per year, totalling approximately £1,257.
British Gas, Eon and EDF have already announced a second price hike this year, in response to increasing wholesale costs and the introduction of the SVT price cap coming into effect in December.
Neil Clitheroe, CEO Retail at Scottish Power said:
“We have seen significant increases in wholesale energy costs since April, and like others in the industry, this means that we ned to increase our prices.
More than two-thirds of our customers are on fixed price products or other tariffs not impacted by this price change. Those customers affected by the price change will be contacted and offered the opportunity to move to a fixed price tariff alternative and avoid this increase.”