Martin Lewis’ warning to ‘all’ British Gas, OVO, EDF and Octopus invoice payers
Martin Lewis is sounding the alarm for Brits with British Gas, OVO, EDF, and Octopus, suggesting a £114 sting could be coming their way.
In his latest email, the Money Saving Expert head honcho warns that “the energy crisis is far from over,” and bill-payers better brace themselves for hikes in late 2024.
The TV money guru warned: “Sadly the energy price crisis is far from over. While things have improved, the strong likelihood is we’ll be told at the end of August that the Energy Price Cap – which dictates the bills of over 80% of homes – will rise substantially, probably around 10%, on 1 October.”
Mr Lewis added: “And it’s then predicted to stay around that level in January when the next quarterly change takes place.”
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“With the Price Cap predicted to rise, this looks a strong time to fix. Here are today’s cheapest deals – though your cheapest depends on where you live, how you pay, and how much you use, which is why it’s best to go via our comparison.”
He threw in some insight on the best options: The top pick is Outfox the Market, clocking in at 1 per cent below the current Price Cap on average. Both British Gas and EDF are matched, while Ovo’s deal is 1 per cent pricier, reports Birmingham Live.
EDF has a tracker discounts the standing charges, which would benefit lower energy users more. Octopus’ tracker tariff changes rates based on daily energy costs and this has been 31 per cent cheaper than the Price Cap on average over the last year.
The energy price cap is predicted to RISE by 10 per cent – so £100 now will cost £110 then – from October 1. January 1 will see the average stay flat, with a crystal ball prediction – meaning over the next 12 months you risk paying nine per cent more than the current cap of £1,568 per year.
It would mean a £141 annual rise.
