Martin Lewis Warns of 24.9% Energy Price Cap Rise

Financial expert Martin Lewis is advising energy consumers to review their tariffs and consider fixing their rates ahead of a projected increase in the Energy Price Cap. Current forecasts indicate the cap will rise by approximately 24.9% in January, which would increase the typical annual dual-fuel cost from £1,723 to around £2,152.

Lewis warns that consumers on standard variable tariffs are the most vulnerable to this increase. While the final figure will not be confirmed until November, he suggests that fixing a deal is the safest option for those seeking price stability.

To assist with this transition, the Cheap Energy Club provides a comparison and switching service. This platform allows users to identify cheaper tariffs, including exclusive fixed deals that some energy suppliers do not list on their own websites. In some instances, the service also offers cashback incentives for users who switch their providers.