As a result of wholesale energy prices falling, ScottishPower energy prices have followed suit so far in 2023.
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 now over 25 million households on standard variable tariffs with the price cap level eventually reaching over £4,000 per year for an average use household.
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. It is currently set at £1,834.
The table below shows how the price cap and Energy Price Guarantee have defined ScottishPower's standard variable tariff prices over the years.
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.
No energy suppliers have changed their prices in 2023 so far.
You can read about previous price changes from the rest of the big six below:
The energy price cap is currently predicted to rise again slightly, but this won't come into effect until 1 January 2024.
See more information about ScottishPower, including price change history and customer satisfaction reviews on Uswitch's dedicated ScottishPower supplier page.
2022 information and supplier ratings for ScottishPower, one of the UK's big six energy suppliers. Everything you need to know, including reviews, satisfaction surveys and recent price changes compared to other gas and electricity suppliers.Learn more