Consumer champion Martin Lewis has urgently updated his advice about whether or not bill payers should fix their energy tariffs.
This comes as experts predict that the energy price cap - which limits how much each unit of gas and electric can be sold for - will rise by another 51 per cent in October.
Since last year, we saw the wholesale price sky rocket to record breaking amounts, and while they have fallen since September slightly, they are not back to 'normal'. Due to the invasion of Ukraine, the cost is fluctuating and after the price cap was increased by 54 per cent in April, it will jump again in October.
With this, Martin wasted no time in gathering his resources to explain what households should do. Since last year, his advice has been 'do nothing', but as the price cap is expected to push up the average bill to £2,980 in October, he is now urging people to act now.
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Posting on Twitter, the money saving expert said: "Terrible news. The Oct energy price cap's now predicted to rise 51 per cent, taking a typical bill to £2,980/yr (£180 more than Ofgem said in May) So 'IS NOW THE TIME TO CONSIDER FIXING?' - yes, depending on who your firm is." Along with that, he linked his MSE article that explains when you should fix - you can read that here.
This carries on from what he was explaining on BBC Radio 5 Live.
Martin said: “If you can find a deal around 30 per cent more than the current price cap then it’s probably worth doing. The cheapest open-market fix at the moment – forget it – it’s 42 per cent.”
On MSE, he adds: "So if we factor in just over three months on the current rate, three at October's, three at January's and two and a half at April's, and adjust for higher use in the winter, if the predictions are right, on average you'll pay 41 per cent more over the next year than you do now."
He is now urging customers to fix now, before the tariff rises. Martin does stress that there are currently no fixed tariffs cheaper than the current price cap, but in the long run, it would save you more when the price cap rises again in October. The best fixes are also for existing customers only.
He adds: "I can't promise I've got this right, there are too many unknowns, just that this is my best-guess with the information I have at the moment."
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