Martin Lewis has urged householders to think carefully before switching their energy supplier in an effort to slash their bills.
His warning came after energy supplier Ovo offered its first deal below the Government's £2,500 cap on typical household bills amid falling wholesale gas prices. The energy giant is offering a one-year fixed tariff of £2,275 to existing customers - undercutting the Government's energy price guarantee (EPG).
The EPG reduces, compared to the undiscounted price of energy, the amount people can be charged per unit of gas or electricity, to an annual equivalent of around £2,500 for a typical household in Britain. In his Budget on March 15, Chancellor Jeremy Hunt committed to maintaining the EPG at its £2,500 level from April to June, after it had been due to rise to £3,000 in April.
