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Martin Lewis reveals whether you need to fix your energy bill now after a record price cap

MARTIN Lewis has revealed whether consumers should strike their energy deal now ahead of a record £693 increase in April.

The MoneySavingExpert founder says there’s no cheaper fixed deal on the market right now – even if the price cap rises again in October.

Martin Lewis says cheapest fixed deal on the market is more expensive than the price ceiling

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Martin Lewis says cheapest fixed deal on the market is more expensive than the price ceiling

Energy price cap, effective April 1, will The average household bill amounts to £1,971 a year.

Number of households under the standard variable tariff, covered by hat price, jumped from 15 million due to bankruptcies of energy suppliers during the crisis.

Fixed deals used to be cheaper but most have been withdrawn from the market or inflated as suppliers are grappling with rising wholesale energy costs.

Martin said the cheapest fix on the market is currently 68 per cent above the current energy price cap, set at £1,277 a year.

The cap will increase by 54% from April 1, and the best flat rate available at the moment will still be more expensive than the new, higher rate.

That means most consumers should rely on their supplier’s standard variable standard, protected by a price cap.

He predicts that the energy price cap could increase by 20% when it is revisited in October.

“Now of course anything can happen, but there’s no market fix that you should be doing right now,” he said on ITV’s Martin Lewis Money Show last night.

“It’s possible that some existing customers under certain circumstances with high or low usage might find one… but the big message for most people is do nothing, do nothing. stubborn, don’t fix.”

If you don’t think the price cap will go up again, you’ll need to find a deal that isn’t 44% more expensive than the current cap.

But if you predict it will rise in October – as the experts do – you should look for a fix of no more than 59% of the current price cap, Martin said.

Prime Minister Rishi Sunak yesterday outlined a support package for Those affected by the price hikes and announced the poorest Britons will receive an extra £350 to help them get through the energy bill crisis.

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https://www.thesun.co.uk/money/17542544/martin-lewis-fix-energy-bill-record-price-cap-rise/ Martin Lewis reveals whether you need to fix your energy bill now after a record price cap

JACLYN DIAZ

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