Martin Lewis is urging around one million people on a fixed energy tariff from last year to check how much they will now be paying after Ofgem’s new price cap started earlier this month. The energy regulator introduced the cap of £2,074 on July 1, which immediately replaced the UK Government’s £2,500 Energy Price Guarantee.
The founder of MoneySavingExpert.com told viewers: “Anybody on an energy fix, you need to check if your price has gone up.” Martin went on to explain how those on a “costly fix” lost the protection of the UK Government’s Energy Price Guarantee subsidy on July 1 and costs will now have gone back up. Daily standing charges Martin then displayed a handy graphic showing the average current price cap rates for those paying by Direct Debit.It’s important to note the amount paid varies by region, but it should give a rough idea of the potential increase in bill costs.