Martin Lewis Advises Switching to Fixed Energy Tariffs Amid Price Cap Rise
Martin Lewis, the founder of MoneySavingExpert.com, has advised households to consider switching to fixed energy tariffs following Ofgem’s announcement of a 6.4% increase in the energy price cap, set to take effect from 1 April. The rise will see the average annual energy bill for households on standard variable tariffs increase by £111, bringing the total to £1,849. Lewis described the standard tariff, which two-thirds of households are on, as “pants” and recommended switching to a fixed deal, which could save consumers money in the long term.
Speaking on ITV’s Good Morning Britain, Lewis suggested waiting until around lunchtime on Tuesday to explore fixed deals, as some cost-effective options were expected to be launched. He emphasised that while the savings from switching might initially appear modest, they would become more significant once the price cap increase takes effect. Fixed deals currently available are around 4% cheaper than the existing cap, and this gap is expected to widen to 10% after the April adjustment.
The energy price cap, introduced in 2019, limits the amount suppliers can charge per unit of energy. However, it does not cap total bills, meaning households using more energy will pay more. The latest increase marks the third consecutive rise, driven by higher wholesale gas prices, exacerbated by global market disruptions, including the war in Ukraine. Ofgem CEO Jonathan Brearley noted that a resolution to the conflict could help stabilise prices, but uncertainty remains.
Lewis urged consumers to use comparison sites that cover the entire market to find the best deals and to act promptly to secure savings before the price cap rise.
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