ScottishPower price changes in 2024

As a result of the energy price cap increasing, ScottishPower energy prices have also risen once in 2024.

All energy suppliers operating in the UK are subject to Ofgem’s energy price cap, and ScottishPower is no exception. The cap rate sets the maximum price suppliers can charge for average use on their standard variable tariffs. This hasn’t been something that the majority of customers have needed to worry about because most people used to fix and switch to avoid being put onto a standard variable tariff.

However, when wholesale energy prices rose significantly towards the end of 2021, leading to a rise in the level of the price cap, suppliers withdrew fixed deals from the market. This meant that gradually, as customers’ fixed deals ended, there wasn’t anything to switch to, so there are still millions of households on standard variable tariffs.

The government therefore introduced the Energy Price Guarantee, which effectively worked as a proxy price cap set at £2,500 per year for average use households paying by direct debit. However, when the price cap level lowered to £2,074, it began setting the unit rates of standard variable tariffs again. After dropping to £1,834 between October and December 2023, it is currently set at £1,928 until 31 March 2024