my-moneymaxim Search
0800 520 0699
(or 0118 321 8197)
Monday to Friday9am - 8pm
Saturday9am - 6pm
Sunday & Bank Hols10am - 4pm

Andrew Daniel

Andrew is the newest member of the team and is already making his mark with his insightful & cutting edge reporting on the latest news in the personal finance arena.

Scottish Power 7% price increase or is that 8.7% really?

Scottish Power will increase their prices by an average of 7% from 3rd December, but monthly direct debit customers will see a rise of 8.7%

Scottish Power have rejoined the herd and announced their price increase taking effect from 3rd December 2012. However, the headline 7% rate has been flattered by a bit of manipulation of increases by how you pay.

Monthly direct debit customers, the most competitive tariff, will actually see their prices rise by 8.7%. The new average annual Dual Fuel bill will be £1271

Pre-payment accounts go up by 8.6% to £1349.

Quarterly cash or cheque customers will see a much more modest 1.4% rise to their existing (higher) bills which will now be £1368. That figure excludes prompt payment discounts but still ranks as the most expensive way for Scottish Power customers to pay. Scottish Power say:

".. we actively encourage customers, who can, to consider alternative cheaper ways to pay.”

By keeping the increase to Quarterly cash or cheque customers down, the headline rate is flattered. The increase is really 8.7% to anyone likely to read this news article and change supplier.

Scottish Power report a 34% increase in the cost of delivering Government schemes including energy efficiency programs. They also say cost of transporting energy (national grid) has increased by 11% and wholesale energy prices have risen by 8%.

So EDF Energy and E.On to go then.