Scottish Power - SVR cheaper than renewal?

CKhalvashi

Good evening all,

Just found a peculiarity with Scottish Power, in that my gas/electricity is coming for renewal very soon (I will be shopping around), but the SVR is coming in at £2/month cheaper for a 1 year fix and £5/month cheaper than a 2 year fix.

Sorry if this is normal, but this just seems weird situation to me.

Blackbeard_of_Perranporth

I use uswitch, and they have SP in contract promotions. These are called super saver. If you input your details online, it should offer you one of these. I have done so for years now, and found them competitive every time. 

You need your online account number, the in SP switch takes around three working days.

[Deleted User]

That suggests to me that SP is anticipating that prices will rise in the medium to longer term. The ‘disadvantage ’ of going on to the SVR is that SP could raise its prices tomorrow.

stewie_griffin

[Deleted User] said:

That suggests to me that SP is anticipating that prices will rise in the medium to longer term. The ‘disadvantage ’ of going on to the SVR is that SP could raise its prices tomorrow.

Not if they're already at the price cap rates set by ofgem. The earliest they'd be able to increase would be on 1st April and I believe ofgem have already said this is likely to happen.

CKhalvashi

[Deleted User] said:

That suggests to me that SP is anticipating that prices will rise in the medium to longer term. The ‘disadvantage ’ of going on to the SVR is that SP could raise its prices tomorrow.

I would agree with this view, although at the same time am aware that wholesale prices are reasonable low at the moment, obviously less so than when the contract was taken out.

I have no intention of remaining on the SVR for any more than few days if necessary anyway.

stewie_griffin said:

[Deleted User] said:

That suggests to me that SP is anticipating that prices will rise in the medium to longer term. The ‘disadvantage ’ of going on to the SVR is that SP could raise its prices tomorrow.

Not if they're already at the price cap rates set by ofgem. The earliest they'd be able to increase would be on 1st April and I believe ofgem have already said this is likely to happen.

Just outside the timeframe to switch at the moment, so haven't looked too far into it.

It will be before April that the switch is done for sure though, if moving to another supplier, simply was something that I hadn't seen before.

Blackbeard_of_Perranporth

Go to uswitch. Enter your details. It will offer you a very competitive SP super saver rate. I got my latest in December. Saves hassle. 

CKhalvashi

Blackbeard_of_Perranporth said:

Go to uswitch. Enter your details. It will offer you a very competitive SP super saver rate. I got my latest in December. Saves hassle. 

I will be comparing the whole market and choosing a large provider that is cheapest. I will give this a look as part of this.

Thank you.

matelodave

What ever you do, make sure you do your own sums, based on your consumption in kwh as a sanity check to ensure that the on-line calculator is correctly working it out the prices and DD amounts

Gerry1

CKhalvashi said:

Blackbeard_of_Perranporth said:

Go to uswitch. Enter your details. It will offer you a very competitive SP super saver rate. I got my latest in December. Saves hassle. 

choosing a large provider that is cheapest.

choosing a large provider OR the cheapest.

FTFY ! 

CKhalvashi

Gerry1 said:

CKhalvashi said:

Blackbeard_of_Perranporth said:

Go to uswitch. Enter your details. It will offer you a very competitive SP super saver rate. I got my latest in December. Saves hassle. 

choosing a large provider that is cheapest.

choosing a large provider OR the cheapest.

FTFY ! 

Ok, the cheapest of either the big 6 or another corporate that's gone into gas/electricity

Thanks Dave, I will remember to do this. Quite low usage, so the standing rate part is the most important.