Martin Lewis has issued a warning to UK households who face “outrageous” charges amid “dying energy competition”.
The consumer champion branded the charges the “final nail in the coffin” as Brits prepare for further increases to their energy bills in October.
Amid the threat of cost rising further, Mr Lewis fumed: “These massive, outrageous early exit fees are the final nail in the coffin of dying energy competition. Many people are trying to decide whether to fix or not at the moment.
“That no longer means going cheaper, it’s about whether you should pay more now, to forestall the huge rise likely coming in October.”
The cash-saving guru blamed a “lack of transparency and visibility” for the situation and added: “It’s a pig’s ear and the regulator needs to intervene to change things.”
EDF Energy explains reason for price hikes
An EDF spokesperson said: “These are extraordinary times for the energy retail market and every energy supplier is having to make changes to reflect the current market conditions, which are extremely volatile.
“This includes revising tariffs and exit fees to ensure they cover the higher cost of buying energy in advance for our customers and protecting us as a business should customers choose to leave the tariff.”
Ofgem, the industry regulator responsible for the energy price cap said: “We fully expect suppliers to make sure charges are fair and equitable and rules are clear that termination fees are allowed but should be proportionate. ”