ScottishPower to increase standard variable gas and electricity prices
ScottishPower will increase its standard variable prices for domestic gas and electricity from 8 October this year.
The change is only set to affect a third of the homes supplied by the company, which will see fuel prices rise by 3.7% on average, while the remaining two-thirds of homes will not be impacted because they are on tariffs or payment methods.
Dearer prices are the result of higher wholesale energy costs, which in August had already led to the announcement of a 4.4% increase to the prepayment safeguard tariff cap by regulator OFGEM.
Neil Clitheroe, retail CEO said: "We have seen significant increases in wholesale energy costs since April, and like others in the industry, this means that we need to increase our prices.
"More than two-thirds of our customers are on fixed price products or other tariffs not impacted by this price change. Those customers affected by the price change will be contacted and offered the opportunity to move to a fixed price tariff alternative and avoid this increase."