ScottishPower has launched a new fixed-price product today, the Online Fixed Price Energy January 2014, which will offer an average annual bill of £1052*.
The news follows the news that SSE – the UK’s second biggest supplier – will increase its energy prices by 9% on average, leaving many shopping around for a better deal.
ScottishPower’s new tariff replaces the old Online Fixed Price Energy November 2013, which was launched in July.
Neil Clitheroe, ScottishPower Chief Executive Officer (CEO), Retail and Generation said: “We speak to our customers all of the time, and we try to develop products that give customers what they want.
“Many customers like the peace of mind that fixed price tariffs offer, as was illustrated by the popularity of our last product.”
Like its predecessor, Online Fixed Price Energy January 2014 has no cancellation fees, meaning customers can leave the plan whenever they wish, but the plan does require customers to manage their account online.
Popular fixed plans
ScottishPower is not the only energy company which offers fixed price energy products: npower, E.ON, EDF Energy, First Utility and a number of others have fixed price options too.
When a fixed price plan comes to an end energy suppliers often automatically put a you onto a different tariff. These are generally standard energy plans and can be some of the most expensive on the market.
Here are the cheapest fixed plans on offer, including the new ScottishPower plan, compared to a typical standard plan:
|Plan||Standard Plan||iSave Fixed V3||Online Energy Fixed Jan 2014|
|Fixed until/for||Variable||31st Dec 2013||31st Dec 2013|
|Average annual cost||£1,161||£1,040||£1,052|
|Cost if prices go up 10%||£1,277||£1,040||£1,052|
And here is a table of all the biggest fixed plans ending over the next month:
Fixed plans ending
|Supplier||Plan||End date||Predicted price increase at end of plan||Switching could save you…||Exit fee?|
|Price Protector||31st August 2012||£61||£109||No|
|Online Energy Saver 14||31st August 2012||£218||£119||Yes|
|Price Protection September 2012||1st September 2012||£68||£120||No|
|Save Online 8||21st September 2012||£64||£120||Yes|
|Price Cap 2012||30th September 2012||£119||£153||Yes|
|WebSaver 12||30th September 2012||£78||£153||Yes|
|WebSaver 12 with EnergyExtra 50||30th September 2012||£42||£153||Yes|
|Fixed S@ver 2||30th September 2012||£120||£89||Yes|
|Online S@ver 10||30th September 2012||£189||£89||Yes|
|Online S@ver 12||30th September 2012||£164||£89||Yes|
What should you do?
Energy tariff ending – Find out what to do when your fixed deal comes to an end.
Fixed price energy – Should you switch to a fixed deal, and if so which one?
*Based on the customer will be paying by Direct Debit and using on average 3,300kWh of Standard Rate electricity and 16,500kWh of gas each year.