With the energy price cap and volatile gas prices still making news headlines, consumer champion Martin Lewis is urging customers of two the biggest energy companies to check if they can fix into an energy deal that is less than the current price cap. He urged customers of British Gas and E.On to check their current deals.
Martin was addressing concerns about rocketing energy bills following the Office of Gas and Electricy Markets (Ofgem) boss's warning that the price cap could rise to £2,800 in October. Energy bills have already shot up for millions of households across the UK after the Ofgem hiked the April price cap to just under £2,000.
During his ITV Martin Lewis Money Show Live programme, Martin was asked by one viewer if now is the time to lock into a fixed rate energy deal. The MoneySavingExpert founder explained that there are currently no open-market rates that are cheaper than the current price cap - but you may be offered a cheap rate from your existing provider. The margin Martin gave for considering locking in now was 30% above the current price cap - or 35% if you’re after price assurance.
