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Cryptocurrency News Articles
Martin Lewis urges Brits to switch energy providers now to escape 'staggering' winter bills
Oct 09, 2024 at 05:09 pm
It comes as the Ofgem price cap shot up by around 10% on October 1. The bump means the average family could see their annual bill for electricity and gas soaring to an eye-watering £1,717
Millions of Brits are preparing for a tough winter as energy bills are set to rocket following an increase in the Ofgem price cap.
The price cap, which applies to eight in 10 homes in England, Scotland and Wales, shot up by around 10% on October 1. This means the average family could see their annual bill for electricity and gas soar to an eye-watering £1,717.
However, TV journalist Martin Lewis and his team of financial gurus at MoneySavingExpert (MSE) are encouraging people to take decisive action to lessen this financial sting.
They claim their advice even saved one fan an impressive £468 per year. However, acting fast is crucial.
In the latest MSE newsletter, Martin explained: "Last week, the Energy [Pants] Price Cap, which dictates the rate most people will pay, rose by 10%.. Yet, for now, the deals you can compare and switch to are far cheaper."
The energy price cap is the 'maximum amount energy suppliers can charge you for each unit of energy and standing charge if you're on a standard variable tariff', according to Ofgem. The figure accounts for typical household energy use while also ensuring that 'that prices for people on a standard variable tariff (default tariff) are fair and that they reflect the cost of energy'.
However, Martin Lewis has slammed the energy price cap as 'pants cap', while stressing that Britain's energy market is 'broken' in an interview with the BBC. According to The Mirror, he said: "What we have now is a time-lagged price cap, where the price cap is going up when though wholesale rates are coming down right now.
"The reason this is important is, while the price cap is time-lagged, the switchable deals, they are able to take advantage of the current short-term lower wholesale rates. It’s a pants cap - you shouldn’t be on it."
To escape the staggering costs, he's advising Brits to switch energy providers pronto. This is what MSE reader 'Sharon' did, saving her an impressive £468 per year.
First step is to check if your bills are impacted by the default capped tariff, which only affects households in England, Scotland and Wales that haven't switched recently.
Join the Money Saving Club WhatsApp channel aimed at saving you money and powered by the best content from Reach's national and regional titles
The financial gurus suggest using their Cheap Energy Club comparison tool to figure this out, though you can ask your supplier too. If you are among the unlucky ones affected by the price cap, it's then worth searching around for cheaper deals.
The team at MSE explain that some of the best deals have 'started to be pulled', so you'll need to make this an urgent priority. OVO Energy, Octopus and Outfox The Market are currently among the firms offering better prices, they claim.
In fact, new Outfox The Market customers can reportedly save as much as '9.6%' compared with today's price cap. Martin Lewis' energy update adds: "Overall, if those predictions are correct, on average the Cap over the next 12 [months] will be almost the same as it is now, so far more costly than a cheap fix."
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