Scottish Power Fixed Price - 28 February 2011

savers_united

Having come to the end of my SP online saver I switched to their platinum fixed 2014 deal.
For my usage it works out at £98 more per annum than the current cheapest deal on the market (approx 12% more) but it is a fixed deal and we do get boiler cover worth £12.50 a month included and that includes an annual service which we had been paying the local corgi guy £50 to do. (So for £48 more per year we are getting full boiler cover):beer:

If prices plummet then I will just pay £50 and leave, but to be honest with oil creeping up in price, gas & electric prices at best I feel will remain stable over the next couple of years but could rise 10% just as easily

GoGas

In same situation although not had SP email yet - in comparisons are you including SP Online Energy Saver 12 and have you come to any conclusions yet?

I can't find the SP Capped Sept 2012 on their site and haven' received email yet so haven't got the prices to add in to my comparisons. Currently for EDF Online Saver V8 looks about 6-7% cheaper than SP Online Energy Saver 12 but EDF have not yet raised their prices (likely in March).

I would be interested in the price per unit figures for the SP capped if you have them (accepting they will vary from region to region)?

Ruy

elektra wrote: »

received an email from SP confirming that we will be automatically be switched to standard direct debit prices or we can choose


Capped Price Energy September 2012 Offer
- Capped prices for 18 months2
-
Reduced prices if our standard Direct Debit rates drop
- Protection from future price increases during Offer period
-
No cancellation fee

have until 31st March to take up this offer.

QUOTE]

Capped Price June 2013 now showing on-line which for my area (13) is cheaper than the Capped Price Energy September 2012 Offer !

cherry76

My situation is the same, am not sure whether to switch to saver 12 or capped price. Interested what others in my position are doing!! Thanks

martyp

I switched to Enery Saver 12 and my bills are already cheaper based on my current readings. One thing I did think about was that they told me you wouldn't be charged the cancellation fees if you switched to another SP plan so you could do the enery saver 12 and maybe switch to the capped deal later if still available with no loss...

GoGas

Just done independent Excel calculation from the SP Capped 2013 figures and based on my yearly usage of 7100KWh elec and 24800 gas then the the total figures come out including -£31 for online management and dual fuel)

SP Online Saver 12 ->> £1424
SP Capped 2013 - - >> £1715 (both NSC and Standing Charge same)

On this basis by my calculation prices would have to rise by an avreage of about 8% per annum overall to make the capped a better deal. As SP prices have just risen then it would be nearer 10% per year as an approximation. How likely is that? [ Assumes I have made correct assumptions and calcs!]

GoGas

After all the reviewing (on SP capped March 2011) changed to SP Online Energy Saver 12. My gamble is that prices will not rise on average by 8% per year in next 2-3 years which is is what would be required for the capped or fixed prices to be better deal. I may be wrong but who knows.


Did this by telephone as not an service option upgrade in online facility. They said not listed as only available to new customers but there were upgrading existing if they rang and asked. They would not add energy meter despite attempts to persuade them. DDebit reduction is £20/month - almost identical to what the comparisons sites predicted.

Premier_2

GoGas wrote: »

Just done independent Excel calculation from the SP Capped 2013 figures and based on my yearly usage of 7100KWh elec and 24800 gas then the the total figures come out including -£31 for online management and dual fuel)

SP Online Saver 12 ->> £1424
SP Capped 2013 - - >> £1715 (both NSC and Standing Charge same)

On this basis by my calculation prices would have to rise by an avreage of about 8% per annum overall to make the capped a better deal. As SP prices have just risen then it would be nearer 10% per year as an approximation. How likely is that? [ Assumes I have made correct assumptions and calcs!]

It's more complicated than that.

Prices may have to rise significantly more to make the capped tariff pay.

The Online Energy Saver 12 finishes end Feb 2012
The Capped tariff finished end May 2013

Lets make it easy and round it down to say OES12 is for 1 year and the capped tariff is for 2 years.

Now assuming prices do not change, you will be paying a 20% premium in year 1 on capped tariff and so (assuming you can get the same prices as OES12 in year 2) you will need to see an increase of 40% in 1 years time to make the capped tariff pay.

As you say, SP have only recently made a price revision, and with some speculating prices will continue to rise and others suggesting the next price change will be a drop in prices, who knows what will happen in 1 year? But no change for 12 months may be a reasonable assumption to make.

After 12 months, it is further complicated because OES12 will be no more, so who knows what the price of the replacement tariff may be? (Of course you could switch supplier after 1 year too, so that would give you the choice of the whole of market). But chances are there may be an increase to pay after 12 months, even without general price rises. For me, next best offer is about 10% more, so perhaps that would be a reasonable increase to anticipate?

That still means there needs to be a general increase of about 30% after 12 months to be better off on the capped rate.

I think you were wise to take the OES 12 option

Martin_Robson

I've been on the Online Fixed Price Energy 2011 deal since May 2008. Scottish Power offered me two options - standard monthly Direct Debit or the Capped Price Energy September 2012 offer. I phoned them and talked through prices which would have hiked my bills considerably. After checking with different price comparison sites I found that the cheapest deal for me in the West Midlands was Scottish Power's Online Energy Saver 12 but this was only available to new customers. Phoned Scottish Power again and asked if I could go on to the Online Energy Saver 12 and was told that of course I could and I would be saving over £200 a year. My Direct Debit amount actually went down despite the fact that I owed them £162!

Ruy

For what it's worth I've decided to go with the Online Energy Saver 12 tariff with Scottish Power (rather than any capped option) as price comparison sites for me currently come out favourably for this option even against other providers.

I've changed over today by 'phone.

I know that I'm now on a discounted 'variable' tariff and am subject to a cancellation charge if I change again before March 2012, but along with others ( above) I'm 'gambling' on standard prices not increasing significantly during this period.

I will monitor the situation, of course, but hopefully won't have to do another full review now until Feb 2012.