Scottish Power prices

Tommo5656

Can someone help me get my head around unit charges? 
I'm currently on a fixed tariff, ending May 2022, and so looking at what fixed tariffs SP (who I am with currently) are currently offering. My current standing charges and unit costs are quite low compared with the pending price cap of charges due to arrive April 2022.

But, and here's what I dont understand (or do I?).... standing charges on the current SP 1yr and 2yr fixed tariff offers (commencing 31/5/22) are a couple of pence higher than the April2022 price cap rates.
The unit charges are roughly double the price cap ....

April2022 price cap unit charges... Elec. 28p. Gas 7.4p
SP 1yr and 2yr fixed unit charges... Elec. 55.67p. Gas 18.91p

Have I got all this wrong? Or is this SP trying it on, getting folk to select their tariff before April 1st, and if so I thought the whole point of a price cap was to make sure pricing didn't exceed the cap.

Sorry, if I've got it all wrong but just trying to get my head around this expensive looming mess.

Thanks in advance. 

TheMilkmansDad

If your refereeing to the standing charge on a fix term deal then they are not limited to the price cap and so can charge what they like in theory.

Tommo5656

TheMilkmansDad said:

If your refereeing to the standing charge on a fix term deal then they are not limited to the price cap and so can charge what they like in theory.

No, although the standing charges are a couple of pence higher than the April2022 figure. It's the huge unit charges, much much higher than the April2022 figures.

QrizB

Tommo5656 said:

TheMilkmansDad said:

If your refereeing to the standing charge on a fix term deal then they are not limited to the price cap and so can charge what they like in theory.

No, although the standing charges are a couple of pence higher than the April2022 figure. It's the huge unit charges, much much higher than the April2022 figures.

Yes, on a fixed rate they can ask for whatever they like. Only the standard variable rate is capped.

PRAISETHESUN

The "price cap" only applies to SVTs. Suppliers can charge what they like for fixed tariffs. For most, moving onto their supplier's SVT is the least worst option at the moment

bristolleedsfan

Tommo5656 said:

Can someone help me get my head around unit charges? 
I'm currently on a fixed tariff, ending May 2022, and so looking at what fixed tariffs SP (who I am with currently) are currently offering. My current standing charges and unit costs are quite low compared with the pending price cap of charges due to arrive April 2022.

But, and here's what I dont understand (or do I?).... standing charges on the current SP 1yr and 2yr fixed tariff offers (commencing 31/5/22) are a couple of pence higher than the April2022 price cap rates.
The unit charges are roughly double the price cap ....

April2022 price cap unit charges... Elec. 28p. Gas 7.4p
SP 1yr and 2yr fixed unit charges... Elec. 55.67p. Gas 18.91p

Have I got all this wrong? Or is this SP trying it on, getting folk to select their tariff before April 1st, and if so I thought the whole point of a price cap was to make sure pricing didn't exceed the cap.

Sorry, if I've got it all wrong but just trying to get my head around this expensive looming mess.

Thanks in advance. 

Have they sent you a email renewal notice offering those rates or have you looked at what is available, difference being up until now SP have been offering fantastic renewal fixed rates.

Tommo5656

QrizB said:

Tommo5656 said:

TheMilkmansDad said:

If your refereeing to the standing charge on a fix term deal then they are not limited to the price cap and so can charge what they like in theory.

No, although the standing charges are a couple of pence higher than the April2022 figure. It's the huge unit charges, much much higher than the April2022 figures.

Yes, on a fixed rate they can ask for whatever they like. Only the standard variable rate is capped.

Ahh OK.  On that basis, it sounds like the best option would be not to opt for fixed tariff, but just let SP put me on a standard variable tariff which they have to keep their pricing at (or below) capped rates?!

Tommo5656

bristolleedsfan said:

Tommo5656 said:

Can someone help me get my head around unit charges? 
I'm currently on a fixed tariff, ending May 2022, and so looking at what fixed tariffs SP (who I am with currently) are currently offering. My current standing charges and unit costs are quite low compared with the pending price cap of charges due to arrive April 2022.

But, and here's what I dont understand (or do I?).... standing charges on the current SP 1yr and 2yr fixed tariff offers (commencing 31/5/22) are a couple of pence higher than the April2022 price cap rates.
The unit charges are roughly double the price cap ....

April2022 price cap unit charges... Elec. 28p. Gas 7.4p
SP 1yr and 2yr fixed unit charges... Elec. 55.67p. Gas 18.91p

Have I got all this wrong? Or is this SP trying it on, getting folk to select their tariff before April 1st, and if so I thought the whole point of a price cap was to make sure pricing didn't exceed the cap.

Sorry, if I've got it all wrong but just trying to get my head around this expensive looming mess.

Thanks in advance. 

Have they sent you a email renewal notice offering those rates or have you looked at what is available, difference being up until now SP have been offering fantastic renewal fixed rates.

No, no emails, just online while checking my account, usage, etc.

QrizB

Tommo5656 said:

QrizB said:

Tommo5656 said:

TheMilkmansDad said:

If your refereeing to the standing charge on a fix term deal then they are not limited to the price cap and so can charge what they like in theory.

No, although the standing charges are a couple of pence higher than the April2022 figure. It's the huge unit charges, much much higher than the April2022 figures.

Yes, on a fixed rate they can ask for whatever they like. Only the standard variable rate is capped.

Ahh OK.  On that basis, it sounds like the best option would be not to opt for fixed tariff, but just let SP put me on a standard variable tariff which they have to keep their pricing at (or below) capped rates?!

Yes, that's what most of us are doing.

Do keep an eye out for any "loyalty" or "exclusive" fixed rate deals that might crop up; they sometimes work out cheaper than the cap.

jimjames

Tommo5656 said:

QrizB said:

Tommo5656 said:

TheMilkmansDad said:

If your refereeing to the standing charge on a fix term deal then they are not limited to the price cap and so can charge what they like in theory.

No, although the standing charges are a couple of pence higher than the April2022 figure. It's the huge unit charges, much much higher than the April2022 figures.

Yes, on a fixed rate they can ask for whatever they like. Only the standard variable rate is capped.

Ahh OK.  On that basis, it sounds like the best option would be not to opt for fixed tariff, but just let SP put me on a standard variable tariff which they have to keep their pricing at (or below) capped rates?!

That's been Martin's advice since last year

bristolleedsfan

jimjames said:

Tommo5656 said:

QrizB said:

Tommo5656 said:

TheMilkmansDad said:

If your refereeing to the standing charge on a fix term deal then they are not limited to the price cap and so can charge what they like in theory.

No, although the standing charges are a couple of pence higher than the April2022 figure. It's the huge unit charges, much much higher than the April2022 figures.

Yes, on a fixed rate they can ask for whatever they like. Only the standard variable rate is capped.

Ahh OK.  On that basis, it sounds like the best option would be not to opt for fixed tariff, but just let SP put me on a standard variable tariff which they have to keep their pricing at (or below) capped rates?!

That's been Martin's advice since last year

Advice has varied, this is current advice

https://twitter.com/MartinSLewis/status/1499690157884203012