ScottishPower's last price change was a price drop in August 2020 for customers on the supplier's standard variable tariff.
This price reduction is set to take effect on 1 October 2020, and equates to an average £84 bill decrease. This price drop is in line with Ofgem's energy price cap rate, which is set to be reduced on the same day.
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What should I do about the price change?
You are only affected by the price announcement if you are on ScottishPower's standard plan. This price drop will have impacted about a third of ScottishPower's customers.
Standard plans are usually suppliers' most expensive tariffs. If you are on your suppliers' standard tariff, then you should be looking to save on your energy bill, and run a energy comparison against all plans and suppliers to find the best deal for you.
Why did ScottishPower drop its prices?
ScottishPower was the fifth of the big six energy providers to react to Ofgem's price cap adjustment in August 2020.
The supplier reduced the average cost of its standard variable tariff to £1,042 to fall under the new price cap rate, effective 1 October 2020.
Previous price reductions from ScottishPower
The supplier previously reduced the cost of its standard variable tariff by an average of £17 when the price cap rate was last revised. This price reduction came into effect in April 2020.
Prices on the supplier's standard variable tariff had previously been reduced by an average of £76 in October 2019, also in reaction to a drop in Ofgem's price cap rate.
ScottishPower price rises
ScottishPower had previously increased prices by around £117 in April 2019, when the price cap rate had risen.
ScottishPower was the fifth of the big six energy suppliers to announce a price rise after Ofgem announced an increase to the energy price cap rate.
In February 2019, ScottishPower announced a price rise just days after Ofgem revealed that it would be increasing the rate of the energy price cap in April 2019.
The supplier followed three other big six suppliers in adjusting the average cost of its standard tariff to match the new cap level of £1,254.
Prior to 2019, ScottishPower last announced a price rise of 3.7% for around 900,000 dual fuel standard rate customers on 24 August 2018.
This price hike took effect 8 October 2018, and was the second price rise from the big six supplier in 2018 — in April, ScottishPower announced a price rise of 5.5% (this rise took effect 1 June 2018).
Will ScottishPower raise prices in 2020?
Ofgem's price cap is reviewed twice a year, with new rates effective in April and October each year.
Because ScottishPower has priced its standard variable tariff very close to the maximum price cap rate, customers are unlikely to see any price changes until the cap is next reviewed in February 2021.
You can stay up to date with the latest news on the energy market from Uswitch.