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as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners.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

“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.”

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

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