Scottish Power has become the third Big Six energy firm to increase its gas and electricity prices, blaming government policy and increase in wholesale energy costs.
The energy firm announced that starting firm June, it will increase it standard variable tariff (SVT) by 5.5%, which will affect 960,000 homes. Meanwhile, its annual dual fuel bills, for gas and electricity, will increase to £1,211 – up £63.
Chief executive of Scottish Power Retail Neil Clitheroe said: “Unfortunately our standard variable prices are increasing. This reflects rising wholesale energy costs and compulsory non-energy costs. Two-thirds of our customers are unaffected.”
In February, the UK government introduced legislation that will allow energy regulator Ofgem to put a price cap on standard variable tariffs (STVs) – putting an end to “rip off” energy bills.
Stephen Murray, energy expert at MoneySuperMarket, said: “Unsurprisingly, we are into the domino effect with energy prices rises and the only surprise here is that’s it been over a week since the last price rise, from EDF.”