ScottishPower price changes in 2023

Have ScottishPower prices risen in 2023?

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. Now, though, the price cap has been set at £2,074, so the Energy Price Guarantee will move back (while still running in the background at a higher level of £3,000) and the price cap will set the unit rates of standard variable tariffs again.

The table below shows how the price cap and Energy Price Guarantee have defined British Gas's standard variable tariff prices over the years.

What should I do about the ScottishPower price rises?

There are very few options for customers at the moment, but with the price cap level dropping to £2,074 from July 2023, suppliers may bring some fixed deals back to the market that customers could choose to switch to. Confirm your details with Uswitch below so you're ready to act as soon as deals are available again.

Which energy suppliers have changed their prices in 2023?

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:

• British Gas

• EDF Energy

• E.ON Next

• Octopus

• OVO

Will there be another ScottishPower price rise in 2023?

The energy price cap is reviewed four times a year in February, May, August and October, so there's time for prices to rise again. While we know they will come down in July, they're currently predicted to rise again slightly in the autumn and winter.

See more information about ScottishPower, including price change history and customer satisfaction reviews on Uswitch's dedicated ScottishPower supplier page.