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Confused about your energy bills? Martin Lewis has updates

15th June 2022

Is it time to fix my energy bill or should I stick on the price cap? The big question is what to do – stick on the price cap, or lock in to a fix? Martin Lewis will help you decide:

The price cap prediction for October has risen sharply to £2,880 a year on typical use (and to £2,907 a year in January). That means, factoring in these hikes, and a loosely predicted 10% fall in April 2023's cap, the best guess is...

It now may be worth switching if you've been offered a fix that's no more than 35% above your current price-capped tariff, or 40% more if you very strongly value budgeting certainty.

So are there any current tariffs worth considering?

There's a fixed deal for new customers that may just about be worth it. Ovo currently has a one-year fixed deal that's 38% more than the current price cap on typical use – so it just scrapes into the equation. It's pricier than the existing-customer fixes listed on Martin's website though, so it's only for those who really want price certainty or are desperate to leave their existing provider.

There are several existing-customer fixes that may be worth it for some. A few firms have started to offer short-lived fixed deals ONLY to their existing customers, which may be worth considering. Firms don't need to publish details of these, unlike open-market tariffs, nor offer them to all customers.

Have a look here at Martin's list of Fixed Energy Tariffs that COULD be worth considering.

If you're struggling with the cost of living crisis and need some support or advice, we've created a hub with lots of information and resources for you.