Martin Lewis issues important update for energy prices before April hike

Martin Lewis released an update for homeowners and renters who want to try to save money on their energy.

Currently, energy prices are at record highs, with a price hike expected in April if Ofgem is to raise the price cap.

It is believed that people could pay an additional 50 percent more on their energy bills as charities warn that thousands could be plunged into energy poverty.

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However, Martin Lewis has been telling people on his website and on his ITV show what to do before the huge price hike.

Speak on his website Money saving experthe said: “Around 65 percent of UK households have variable energy tariffs.

Lewis said, “The vast majority of people should still be doing nothing and sticking to the price cap.

“Currently, the energy price cap is forcing energy suppliers to sell gas and electricity below cost. There are no sensibly cheaper offers. “

The only good reason to get a fixed price deal is if the cost of doing it is 40 percent of the current price cap of £ 1,277, Lewis said.

He added, “If your company offers a fix, you need to calculate how much that is over the price cap.”

The cheapest fixed price offer is currently 50 percent above the upper price limit.

But some energy companies might offer low-cost, fixed-price deals to existing customers, so don’t rule out the idea entirely, Lewis said.

Lewis added that gas costs for energy companies are still four times the usual price, which is driving the price hike.

Emma Pinchbeck, CEO of Energy UK, has warned that “energy prices for households will rise by 45 to 50% in the spring”.

According to another expert, energy sector specialist Cornwall Insights, bills could rise 46% as the price cap could rise to £ 1,865 a year.

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