Martin Lewis is well-known as the Money Saving Expert, and today he turned his attention to energy bills when appearing on Nihal Arthanayake’s BBC Radio 5Live programme. Martin provided insight into soaring energy prices, an issue which is palpably impacting the UK, but also other countries across the world. He offered an update on what options Britons should be considering next as many are worried about their costs going forward.
Martin said: “When it comes to switching, the situation was dire last week. But that was a lot better than it currently is. It’s got worse.
“All deals that are meaningfully cheaper than the price cap have disappeared – both variable and fixed.
“The cheapest you can now fix at is another £150 per year more expensive than for someone on typical use than it was when we talked last year.
“Just to put that in perspective, the new price cap that rises on Friday for someone on typical use will be £1,277. The cheapest fixed tariff on the market is £1,570 – £300 more is what you’d have to pay if you wanted certainty of keeping a price for a year.
Taking this action, he said, on a regular basis would be a precaution, even for those who are with the big six firms, and is a matter of “fiscal housekeeping”.
Today, the regulator Ofgem announced three more small energy suppliers have gone to the wall amid the increasing chaos in the sector.
Enstroga, Igloo Energy and Symbio Energy all confirmed they would stop trading, as the latest providers go under, following providers such as Green and Avro.
Neil Lawrence, director of retail at Ofgem, said: “Ofgem’s number one priority is to protect customers.
“I want to reassure customers of Enstroga, Igloo Energy and Symbio Energy that they do not need to worry.
“Ofgem will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and do not switch in the meantime. You can rely on your energy supply as normal.”
However, it has been confirmed that the Government will not be bailing out companies which have gone bust as a result of soaring gas prices.
Business Secretary Kwasi Kwarteng recently said there is “no question of the lights going out” in winter 2021/22 as a result of rises to gas prices.
He added: “I must stress that protecting consumers is our number one and primary focus, and it will shape our entire approach to this issue.
“While the UK, like other countries in Europe, has been affected by global prices, Britain benefits from a diverse rage of gas supply sources.
“We have more than sufficient capacity to meet demands, and we do not expect supply emergencies to occur this winter.”
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip