Scottish Power has succumbed to the recent bout of price drops but has admitted not all its customers will be affected. As of 27th February the power supplier will reduce gas bills by an average of 5%, but of the firm’s 2.4 million customers, only 1.4 million (59%) will feel some relief from high energy prices.
The company says their dual fuel and gas only customers who pay by monthly direct debit will receive an average annual reduction of £36. This excludes 500,000 customers stuck on fixed tariffs.
Announcing the cuts, Neil Clitheroe, ScottishPower’s CEO of Energy Retail and Generation said the drop was likely only to be temporary: “Although there has been a short-term fluctuation in the wholesale gas market that has allowed us to pass on today’s reductions, the global demand for energy is increasing faster than its supply. This will inevitably lead to higher energy costs in the long-term.”
Scottish Power was the first power company to announce major rises over the summer- in August they raised their gas prices by 19% and electricity prices by 10%.