Martin Lewis is urging around one million people on a fixed energy tariff from last year to check how much they will now be paying after Ofgem’s new price cap started earlier this month. The energy regulator introduced the cap of £2,074 on July 1, which immediately replaced the UK Government’s £2,500 Energy Price Guarantee.
In a special edition of the Martin Lewis Money Show Live on STV dedicated to the current mortgage crisis, the consumer champion squeezed in an important message to households currently on an energy fix. He warned that despite the lower energy cap, those who moved on to a fixed tariff, up to a year ago, may actually see bills go up this month - and explained how to quickly bring them back down.
The founder of MoneySavingExpert.com told viewers: “Anybody on an energy fix, you need to check if your price has gone up.” Martin went on to explain how those on a “costly fix” lost the protection of the UK Government’s Energy Price Guarantee subsidy on July 1 and costs will now have gone back up.
