Scottish Power - Exclusive Fixed June 2023 B1

Harvey07

Our current Scottish Power Greener Future February 2022 B1 fix ends 28th Feb, and we'll be due to flip onto the current price cap for a month before the new price cap 1st April.

We've been offered the Scottish Power - Exclusive Fixed June 2023 B1.

I've done a few quick calcs and reckon it's a decent option for us to give some cost certainty, looks cheaper over the duration (& builds in protection against another rise to the cap in Oct).

It's still a crippling 99%+ increase on our current costs, but slightly less than the cap that will be 105%+ and that becomes 146%+ in Oct if the predicted 20% increase comes about!

One potential downside being that unit prices could drop in the longer term...and maybe the loss of a few days on a cheaper rate.

Electric unit rate - 28.34 new cap v 27.93 fixed (standing 45.34 v 22.2)
Gas unit rate 7.37 new cap v 7.3 fixed (standing 27.22 v 22.2)

Anyone else been offered/seen this option? And if so, how do you reckon it stacks up?

I'm close to pushing the button for both ourselves and my folks, so would appreciate any thoughts!

QrizB

Those rates look tempting, although you'll be paying more than the curent cap for the whole of March which will increase the net cost slightly.

What are the exit fees?

Harvey07

£30 each. 

Yeah, appreciate that there will be that more expensive period next month. Thanks

QrizB

Harvey07 said:

£30 each. 

Yeah, appreciate that there will be that more expensive period next month. Thanks

£30 isn't a huge amount for exit fees. In your position I'd be very tempted by the fix to June 2023.

northwalesd

Our SP fix runs through to end of April, so all we've had so far is an email that prices are rising and they'll be in touch in plenty of time. If ours was ending in Feb, I'd be tempted to go for that. Be interesting to see what we're offered in April. At least the heating should be off 🤞

northernstar007

i also took a v similar deal last month with scottishpower, till jan2024 know my exact usage went from £60 to £110, yes a steep increase but at least i know what i`m paying for the next 2 years and £110 isnt bad imo knowing i dont have to worry about it for now

ps also now they are quoting me £140 for the same useage

otb666

i went for a 2 year fix with SP at  then end of jan as my fix was ending end of feb, went from 120pm to 205pm. I will continue to check their tariffs at the moment 230pm and switch again if their tariffs do improve, as exit fee not applicable if you switch tariffs with same provider, but unlikely to go down imho and will prepare myself for further increase feb 24

Harvey07

Thanks for the info/thoughts folks. Plenty food for thought…inching towards making my decision, cheers. 

northernstar007

harvey07 check out the 2 year deals, for peace of mind for 2 yrs, there was nothing in it for the 1 to 2 yrs deal

Harvey07

Yeah, there was big difference (cheaper) for this ‘exclusive’ 16 month deal. The 1 year & 2 year deals were similar costs to each other but we’re about 20% more than the 16 month one. I’ll double check that % figure when I’m back on later. 

Harvey07

Without clicking through & comparing the actual kWh rates, the direct debit costs for the openly available 1 & 2 year deals are actually ~36% more expensive! (not sure where I got 20% from - my head is a bit burst with all this!)