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Martin Lewis urges people to ‘get off’ the energy price cap

Martin Lewis is urging people to ‘get off’ the energy price cap

A household in England, Wales and Scotland using a typical amount of gas and electricity will now pay £1,717 a year, a rise of 10% or £149.

Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate.

It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners.

Speaking to 5 Live’s Naga Munchetty, Martin said: “Nobody listening who is capable of switching and understanding should be on the price cap.â€

“What we have now is a time-lagged price cap where the price cap is going up even though wholesale rates are actually coming down.

“While the price cap is time-lagged, the switchable deals, the deals that you can move to, they are able to take advantage of the current short term lower wholesale rates so you have a much bigger differential right now between the price cap and what you can switch to than we’ve seen since probably before the crisis.â€

This clip was originally from Naga Munchetty on 1st October 2024.

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2 minutes