Martin Lewis Warns UK Energy Customers to Fix Prices

Martin Lewis, the founder of Money Saving Expert, has issued a warning to British consumers regarding potential energy price hikes from major suppliers including British Gas, OVO, EDF, and Octopus. In a recent communication, he highlighted that the ongoing energy crisis is not yet resolved, predicting a £114 increase in bills for many households by late 2024. Lewis anticipates that the Energy Price Cap, which affects over 80% of homes, will likely rise by approximately 10% on October 1, 2024. Lewis elaborated that while there have been improvements in the energy market, the situation remains precarious. He noted that the Price Cap is expected to remain elevated into January 2025, suggesting that consumers should consider fixing their energy rates now. He provided insights into the best available deals, emphasizing that the most suitable option varies based on individual circumstances such as location and usage. Among the options, Lewis recommended Outfox the Market as the top choice, offering rates 1% below the current Price Cap. British Gas and EDF also provide competitive rates, while OVO's offerings are slightly higher. Additionally, he mentioned that Octopus Energy's tracker tariff has been significantly cheaper than the Price Cap over the past year, making it a viable option for consumers. As the energy price cap is projected to rise, households could face an annual increase of £141, underscoring the importance of exploring energy deals to mitigate future costs.