Martin Lewis has issued a stern warning to all UK billpayers on a fixed-rate contract with regards to their energy. Taking to Twitter, the Money Saving Expert urged people on fixed-rate contracts to check if their energy rates had 'rocketed'.
In his Tweet, Martin detailed how the brand-new Ofgem price cap had been reintroduced on Saturday, meaning that the average annual bill was dropped from £2,500 to £2,074. Despite this, Martin explained that people could actually be paying more, with those who chose to lock into expensive fixed rates losing their 'Energy Price Guarantee' subsidy.
A number of UK billpayers last year locked into hyper-expensive fixed-rate deals before the Government unleashed its Energy Price Guarantee - likely as they were unsure of what was going to happen to future energy bills. Most of these price fixes sit far higher than the current cap of £2,074 - with The Mirror detailing how some likely went as high as a crippling £2,800.
