Consumer champion Martin Lewis issued some bad news for energy customers on the lookout for a better deal. On tonight's episode of ITV's Martin Lewis Money Show he explained that energy prices were set to increase to an average of around £3,000 a year.
But he had further bad news for customers wanting to get ahead of the game and switch to a cheaper deal. When one viewer called the show asking whether it was worth switching early, Martin said there was no point.
Speaking on the show, he said: "It would be wonderful if you could but there are no fixes. There are no cheaper deals. There are no meaningfully cheaper tariffs that you can switch to. There is nothing you can lock into to prevent yourself paying more or paying more in the future.
"We now live in a non-competitive, regulated-price energy world.
"Those are the prices you will pay unless the price cap drops. And I think for the foreseeable future I don't see switching tariffs coming in. Maybe towards the end of 2023, maybe at the start of 2024."
Energy prices are now so high that the Government has capped the maximum amount they can charge below the natural market price. It means that energy companies will all largely be charging the same price.
Sadly, it means that a cheaper deal may not be available for another 12 months.
