This Can't be Right!

btr30

You have an advantage that your rates are fixed for the full year. Customers on standard variable caps will face further potentially large rate increases in October.
However you are paying a huge premium for this price certainty, and would suggest even 6 months on the capped tariff, and taking your chances on October rates would be more beneficial over the year.

rp1974

If Scottish Power told you you could only have a new fixed term,then their liars,incompetent or both which wouldn't surprise me in the least.
I don't recall exactly as it's a long time since I was a Scottish Power customer but think that they don't/didn't charge exit fees when moving to another Scottish Power tariff.
Details concerning this will be in your agreed terms and conditions.

Thats a horrendously expensive fix even considering the rises coming in October which I can't see topping those rates.
As stated earlier you would almost certainly have been better off automatically moving to the standard variable tariff instead of fixing.

QrizB

rp1974 said:

Thats a horrendously expensive fix even considering the rises coming in October which I can't see topping those rates.

I don't think I've seen a domestic fox that expensive before, not even from one of the uncapped green suppliers.  That's why I asked if it's a commercial tariff.

And if the October cap is anywhere near those rates we're all going to be in deep trouble.

FreeBear

QrizB said:

rp1974 said:

Thats a horrendously expensive fix even considering the rises coming in October which I can't see topping those rates.

I don't think I've seen a domestic fox that expensive before, not even from one of the uncapped green suppliers.  That's why I asked if it's a commercial tariff.

And if the October cap is anywhere near those rates we're all going to be in deep trouble.

Try this one -

Supplier name: Outfox The Market. Tariff name: Fix'd X 22 5.0. Tariff type: Dual Fuel Only - Fixed. Payment method: Direct Debit. Electricity unit rate: 62.508p per kWh. Electricity standing charge: 38.574p per day. Gas unit rate: 19.233p per kWh. Gas standing charge: 33.105p per day. Exit fees: £50.00 per fuel. Tariff Term: 12 months

All rates and prices are inclusive of VAT at 5%

northwalesd

Just looked at basically what is the only fixed tariff SP are offrering us (fix ends on 30 Apr).

Electricity: Standing charge 47.58p, Primary unit rate 48.74p. Exit fee £150.00
Gas: Standing charge 27.22p, Primary unit rate, 15.48p, Exit fee £150.00

So not a million miles from OPs fix. Of course we won't betaking up their 'kind' offer, and rolling on to the SVT. Not sure when you fixed @PipSmith, but there is a 14 day colling off period on any fix.

Mstty

@PipSmith hi there, it does sound like you may have been mis-sold unless you specifically picked this on the internet under your account and read all the details and accepted.

I would suggest getting out of this if you took the deal in the last 14 days or if it came into effect in the last 14 days but if you think you were mis sold as you purchased over the phone and they hid the standard variable rate information from you then raise a complaint.

jimjames

PipSmith said:

gefnew said:

You will need to provide more information.
Old unit rates and how much you use and the new rates you are on now which provider, then people may stand a chance of giving you some informed advice.

Hi there
So old & new unit rates as follows:
Electric - old unit 14.252p, now 53.438p
Gas - old unit 2.875p now 18.139p
I'm with Scottish Power & have gone from a fixed tariff to a new one year fixed tariff. I pay by monthly direct debit.
Thanks all

Capped rates are way less than that so choosing a fixed rate wasn't great from an MSE viewpoint now but you might appreciate it if prices rise although they're not predicted to go that high. Cap is around 29p electric, 7p gas.

wrf12345

If the fixed rates are indicative of the new October rates then we are going to be ripped off at an even greater level than currently, looks like they will be rolling in all the debts from non-payers and increased gas prices to the new rates, which will cause even more non-paying accounts and yet even steeper rises in April 2023 until it all goes exponential and non-payers become the norm.

QrizB

wrf12345 said:

If the fixed rates are indicative of the new October rates

Do you have any reason to believe that to be credible, or are you just being alarmist?

then we are going to be ripped off at an even greater level than currently

The capped SVT reflects the wholesale cost of energy. You're not being ripped off today, and (whatever the cap becomes in October) you won't be ripped off then either.

QrizB

@PipSmith:

PipSmith said:

I'm pretty sure Scottish Power have made a huge error!
...
Surely this isn't legal is it? A miscalculation by Scottish Power or I'm being taken for a fool. 

We all agree that SP haven't made any errors or miscalculated, but it looks like your new fixed rate tariff is a really bad deal and you should exit it if at all possible.

Edit to add:

Even without any details of the daily standing charge, your fixed tariff comes to £3726/yr for Ofgem's benchmark dual-fuel customer. That's pretty much a 100% increase on the current capped variable tariff.