Scottish Power - end of fixed term energy tariff

ACondie_6

I am currently on a fixed term tariff with Scottish Power (Exclusive Renewal January 2022 B2) which is due to end at the end of January.  I have been sent an offer of a new tariff by Scottish Power from February 2022 to March 2023 (Exclusive Fixed March 2023 B1) which is obviously going to be more expensive than the one I am currently on.  I notice that it is more expensive than the standard tariff however.  

Martin Lewis says "do nothing" about searching for new tariffs but should I:

1. switch to this new tariff or

2. move to the standard tariff, hoping that the price cap reduces during the year?

QrizB

Scottish Power are making this offer to a lot of people. The idea is to get you to pay more for the next 3-4 months over winter, when you use most energy. See this thread for someone else in the same position:

https://forums.moneysavingexpert.com/discussion/6315225/should-i-lock-into-new-deal-now/p1

The general consnesus is not to take the fix but to stick with the Jan 22 deal you've already got, then drop onto the variable rate while we wait and see if the wholesale prices are going to drop with warmer weather.

There's also a new Ofgem cap due to be announced in February, to take effect from April. It's expected to be considerably higher than the current one.

ACondie_6

Thank you.  I watched Martin Lewis advise that it is best to leave it and wait and see early in the New Year.  I did calculate that the standard tariff will be cheaper than the offer Scottish Power gave me.  I suppose we will be paying more next year regardless.

paul_vbc

Well I had the same offer and I TOOK IT WITH BOTH HANDS OUTSTRECHED. I was on £68 a month and on the new tariff it was £98 a month so i thought I may as well take it as it only had a £30 exit fee if things went down AND THEY DID NOT so I am now safe for 13 months on £98, I looked this week out of interest and if I switched now it would be £298 a month. PHEW!!! what Martin Lewis fails to mention is if you gamble and fix its only £30 to exit, yes £30 so why on earth would you not gamble. why on earth not switch over to a golden handshake., 

northernstar007

and i also took a deal in dec 2021 fixed for 2 years best thing ive done in ages, expires end jan2024

clairew37

Hi, does anyone know if there's been an update on SP saying they won't honor stockpiling on key meters?