Have ScottishPower prices risen in 2024?
As a result of the energy price cap increasing, ScottishPower energy prices have also risen once in 2024.
All energy suppliers operating in the UK are subject to Ofgem's energy price cap, and ScottishPower is no exception. The cap rate sets the maximum price suppliers can charge for average use on their standard variable tariffs. This hasn't been something that the majority of customers have needed to worry about because most people used to fix and switch to avoid being put onto a standard variable tariff.
However, when wholesale energy prices rose significantly towards the end of 2021, leading to a rise in the level of the price cap, suppliers withdrew fixed deals from the market. This meant that gradually, as customers' fixed deals ended, there wasn't anything to switch to, so there are still millions of households on standard variable tariffs.
The government therefore introduced the Energy Price Guarantee, which effectively worked as a proxy price cap set at £2,500 per year for average use households paying by direct debit. However, when the price cap level lowered to £2,074, it began setting the unit rates of standard variable tariffs again. After dropping to £1,834 between October and December 2023, it is currently set at £1,928 until 31 March 2024.
The table below shows how the price cap and Energy Price Guarantee have defined ScottishPower's standard variable tariff prices over the years.
| Time period | Price cap level | Energy Price Guarantee level | ScottishPower standard variable price |
|---|---|---|---|
| April 2019 - October 2019 | £1,254 | N/A | £1,254 |
| October 2019 - April 2020 | £1,179 | N/A | £1,177 |
| April 2020 - October 2020 | £1,162 | N/A | £1,162 |
| October 2020 - April 2021 | £1,042 | N/A | £1,041 |
| April 2021 - October 2021 | £1,138 | N/A | £1,138 |
| October 2021 - April 2022 | £1,277 | N/A | £1,277 |
| April 2022 - October 2022 | £1,971 | N/A | £1,971 |
| July 2023 - October 2023 | £1,976 | £3,000 | £1,976 |
| October 2023 - January 2024 | £1,834 | £3,000 | £1,834 |
| January 2024 - April 2024 | £1,928 | £3,000 | £1,928 |
Highlighted rows denote the periods where the Energy Price Guarantee was subsidising customers' energy bills.
What should I do about the ScottishPower price rises?
There are very few options for customers at the moment, but there are limited fixed deals on the market that customers could choose to switch to. Compare energy prices with Uswitch below to see energy deals that might be available in your area.
Which energy suppliers have changed their prices in 2024?
You can read about 2024 price changes from the rest of the big six below:
Will there be another ScottishPower price rise in 2024?
The energy price cap is currently predicted to decrease for the period from 1 April to 30 June 2024. The new level will be announced at the end of February.
See more information about ScottishPower, including price change history and customer satisfaction reviews on Uswitch's dedicated ScottishPower supplier page.
