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Scottish Power have just announced that they will be rising their prices by 19% for gas and 10% for electricity effective of the 1st August.
The increase will result in an average increase of £170, pushing a bill from £1,150 to £1,320 and will affect 2.4 million households in the UK.
This is in line with predictions of a 10% – 15% price rise by late summer.
Scottish Power, which is part of Spanish company Iberdrola, last put its prices up in November, when gas prices rose 2% and electricity bills went up by 8.9%.
Raymond Jack, Scottish Power UK retail director, said:
“Wholesale prices for gas and electricity have increased significantly since the end of last year and continuing unrest in global energy markets means future prices are volatile.
“We understand times are difficult for many people, and we have done what we can to absorb these additional costs for as long as possible to minimise the impact on our customers.”
The other big suppliers are likely to follow suit over the coming weeks, with widely reported comments by British Gas and SSE that current consumer prices do reflect market conditions and will need to rise ‘later this year’.
Audrey Gallacher, head of energy at Consumer Focus, said:
“This huge increase will be a body blow for consumers and we fear other firms will follow Scottish Power’s lead.
“Companies have been softening customers up for price rises for months but customers will be shocked at the scale of this rise. Every household in the country will now be bracing themselves for impact.
“When this affects the cost of keeping warm and well, it is not an acceptable state of affairs.”
We are strongly advising that customers grab a fixed tariff as fast as possible, before they too are withdrawn.
If you require any additional information please contact our friendly advisors on 0800 566 8540.
Consumers have again been hit by a series of new blows after energy companies increased prices and stopped offering a range of cheap deals.
Energy Help Line has said that the latest developments were evidence of the mounting pressure on the “Big Six” suppliers to raise their prices.
The events happening in the Middle and Far East are having a significant impact on the cost of wholesale energy prices.
With price increases already coming from the UK’s major business energy suppliers, and more expected in the near future, now is the time to act.
A leading spokesman said:
“With the curve continuing to rise there is a strong possibility that our price books can be pulled at short notice and new prices issued which will certainly be an increase”.
“We would advise that you make customers aware of the rising market and they take this opportunity to sign into a fixed price contract before the market rises any further”.
If you have received your renewal letter from your existing supplier or even if your contract is not due for renewal just yet, then please get in touch with us.
A staggering 80% of business’s roll-over into new contracts which are generally more expensive and in most cases are because they are simply not aware of the specific termination rules.
It only takes a minute or two to compare many companies using our online tool, and could result in big savings! Simply visit www.directmoneycomparisons.co.uk/utilities.html or call us on 0845 2574141.
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