Expert in money saving Martin Lewis has warned that energy customers should consider switching to a fixed tariff to avoid a price hike over this autumn and winter.
The price cap set by Ofgem, which applies to all customers not selecting an alternative tariff, is currently at £1,568 a year for the typical dual-fuel UK home, but Cornwall Insight’s analysts, who use a similar methodology to Ofgem, are currently predicting it will rise to £1,723 in October. Lewis said:
“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.”
He added that when the Energy Price Cap will be updated in January 2025, the current expectation is that it will remain at roughly the same level. While there is still a chance that energy prices may actually go down, it seems increasingly likely that Ofgem will soon announce a substantially higher price cap for October onwards. He says that it is therefore a compelling time look at fixing energy prices around or below the current price cap using his website’s comparison tool.
In addition to fixing energy prices, it’s also a good time of year to ensure your heating system will work reliably and efficiently. Xgas can send heating engineers to Wrexham and nearby locations like Chester to service or replace your boiler, so get in touch to learn more.