Scottish power.

emmajones1976

Those figures do not sound right at all. Can you post the unit rates and standing charges of what you have been offered please? Ignore monthly amounts, energy isnt and will never be "all you can use for a set price".

Curiousgirl1

Waltzer1 said:

Just been looking at the new charges from Scottish Power,fixed April 2023
elec standing charge18.08
elec Rate.                  21.40
gas standing.             17.54.    P
gas. Rate.                     4.35

elec standing up by.      2.42
elect rate up by.             4.13
gas standing up by.        1.88.  P
gas rate it by.                  1.24

not sure how this compares to ofgem cap prices

sorry to bore everyone,but trying to get my head around it all!

I think this looks quite a good deal. Yes Martin Lewis says do nothing but that is for people coming off fixed prices before April as current fixed prices are really high & Standard Variable is the cheapest at the moment . 

As your current deal finishes in April 2022 there will be a new price cap in force by then which by all accounts will be considerably higher than the one in force now. 

Scottish Power are essentially allowing you to fix at more or less today’s price cap prices which may end up being a good deal by April 

booshya

emmajones1976 said:

Those figures do not sound right at all. Can you post the unit rates and standing charges of what you have been offered please? Ignore monthly amounts, energy isnt and will never be "all you can use for a set price".

Agreed (... well mostly)

May I also ask that the poster also provides us with their estimated annual usage of each fuel please?

In regards "all you can use for a set price", tariffs, may I respectfully remind you that both Eon & BG (to name just 2) have offered such tariffs in the past (I'm thinking about 3 years ago), although I agree they are no longer available today. As for the future, well who knows? 


Actually, I think the BG offer did have a limit, but it was quite high. Other terms & conditions applied (such as both requiring a smart meter)

Neither tariffs were deemed competitive at the time, but did offer some assurance at a time of rising prices, particularly for those scared of possible heating costs over the winter.

wittynamegoeshere

Saligra said:

We now pay £154 per month on a dual energy fixed rate until April 2022. Scottish Power have offered us a switch NOW to £175 per month, fixed until April 2023. If we do not switch SP say our costs would be £275 per month after current fix expires. This seems like blackmail but the thought of another £120 per month is very worrying.  But Martin says do nothing.  Really confused! Any thoughts or advice out there please?

That's worrying.  There are three possiblities...

• Somehow the government cap on variable rates that applies to every other energy company doesn't apply to Scottish Power
• or Scottish Power are telling outright lies
• or you've misunderstood.

Could you please paste exactly what they've stated?  Obviously remove any personal info.

It's extremely unlikely that any energy supplier is offering a fixed rate that's lower than the current variable (capped) tariff, as they're forced to sell at a loss at these prices due to the very high wholesale costs.  Most are much more, around 50% more in some cases.

wittynamegoeshere

Curiousgirl1 said:

Waltzer1 said:

Just been looking at the new charges from Scottish Power,fixed April 2023
elec standing charge18.08
elec Rate.                  21.40
gas standing.             17.54.    P
gas. Rate.                     4.35

elec standing up by.      2.42
elect rate up by.             4.13
gas standing up by.        1.88.  P
gas rate it by.                  1.24

not sure how this compares to ofgem cap prices

sorry to bore everyone,but trying to get my head around it all!

I think this looks quite a good deal. Yes Martin Lewis says do nothing but that is for people coming off fixed prices before April as current fixed prices are really high & Standard Variable is the cheapest at the moment . 

As your current deal finishes in April 2022 there will be a new price cap in force by then which by all accounts will be considerably higher than the one in force now. 

Scottish Power are essentially allowing you to fix at more or less today’s price cap prices which may end up being a good deal by April 

I agree that it doesn't look ridiculous, it may be a fair deal for those who are worried about the potential April price rise.

But remember that April is after the winter - most people will have used most of their energy for the year by then.

It doesn't state how long this is for - if it's 12 months then it really doesn't remove much risk as we're all protected by the cap through the winter anyway.

Also it doesn't state what the exit fees are.  It's completely possible that prices may go down as quickly as they went up, in which case you won't want to be stuck with 2021 prices.  You need to be able to pay your way out of it if what was normality returns, so steer clear of anything with high exit fees.

Curiousgirl1

The OP’s current tariff ends April 22, the new one is fixed until April 23. 

You’re right about the exit fee, this hasn’t been mentioned so don’t know what it is. 

Its one of those where the OP just has to decide. Could be a great deal if prices continue to rise but if prices go down again next year, might not be. 

wittynamegoeshere

Does Ofgem impose a maximum on exit fees?  If the current prices turn out to be a blip then lots of people may end up paying massively more than necessary by taking out the fixed tariffs that are currently being offered.

If the exit fee isn't a vast amount then there's really no risk in taking it, just make sure you keep an eye on actual prices while with them and be prepared to jump ship and happily pay the exit fee if that makes financial sense.

Saligra

The rates quoted by SP for a renewal now to April 23, are Electricity standing charge 21.91p, primary unit rate 19.85p, exit fee £30.

Gas, standing charge 21.09p, primary unit 4.25p. Exit fee £30.

I expect we just have to decide whether to increase our payment now, which means an extra £25 now for 6 months, or just hope things change before April 23.  

Curiousgirl1

Saligra said:

The rates quoted by SP for a renewal now to April 23, are Electricity standing charge 21.91p, primary unit rate 19.85p, exit fee £30.

Gas, standing charge 21.09p, primary unit 4.25p. Exit fee £30.

I expect we just have to decide whether to increase our payment now, which means an extra £25 now for 6 months, or just hope things change before April 23.  

The general consensus is that the price cap will increase again in April which means that any fixed tariffs will probably be a lot more than they are now. Hopefully going down again in October 22

Personally I think the SP is a good deal, pay a bit more now to save later. £30 exit fee is not huge - EDF are currently charging £150 per fuel for their latest tariff. My son’s fixed price ends 31 December, had an email saying going onto SV tariff would cost £1350 per year or could fix until 2023 at a cost of £2130 per year with exit fees of £150. Know what’s he’ll be doing 

TonySimon

I would agree.  These rates are good compared to what I am paying to Zog for gas and Sainsbury's Energy for electric.  Plus you don't have any stress moving suppliers.