ScottishPower has become the latest Big Six energy supplier to announce a second price rise this year.
Around 900,000 customers will see their standard variable dual fuel tariff increase by 3.7% from 8th October 2018 – adding £46 to their energy bill and taking the total to £1,257 a year.
The supplier said the hike follows more than 20% rise in wholesale energy costs since April, which also led to Ofgem recently announcing an increase to the prepayment safeguard tariff cap for the second time this year.
It added more than 60% of its non-prepayment customers are now on fixed price deals as it moves them from the expensive standard variable tariff.
Neil Clitheroe, CEO Retail at ScottishPower 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.”