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Martin’s latest video is coming as energy prices continue to rise. He explained, “Energy costs have risen to unprecedented levels. We have never seen anything like this happening right now … wholesale prices – these energy companies pay – have gone up … and that will feed into domestic prices. So I’m afraid this is not a video about slicing and cutting your bills. This is about damage control – how can you stop a huge surge? “
Martin’s two key steps households can take to protect themselves from rising energy costs are as follows:
- You can keep or switch to your company’s standard variable tariff (SVT), which is protected by the price cap set by the energy regulator Ofgem. Martin says He never thought he would say that, but there are few tariffs cheaper than the cap, which goes into effect from October 1st. In fact, you have a fix for six months and the cap won’t increase during that period. So you could move on to SVT and keep your fingers crossed that things get cheaper before the cap changes next April and then make a switch. For once, that is a legitimate choice.
- Alternatively, you can now secure the cheapest fixed price for a year or two – but you have to go fast. These are currently at levels a little below the upcoming price cap, but they won’t last long. When comparing prices, pay attention to the entire market – our Cheap Energy Club Tool does this by default. You can also check out our guide to cheap gas and electricity for help switching.
Martin’s other top tips for those struggling are as follows:
- Check if you are eligible for £ 140 on energy bills as part of the Warm Home Discount (WHD) program.
- If you have any difficulties, speak to your energy supplier directly; she may be able to help or offer grants or other assistance. For more information, see our Guide to Housing and Energy Subsidies.
- Look out for this week’s email from MoneySavingExpert.com and the new series of The Martin Lewis Money Showwhich will air on Thursday, September 23rd. Martin will be providing step-by-step help on energy bills in both the weekly email and his new show this week.
Martin had warned households weeks ago that the bills would rise by 100 pounds. He also warned that other suppliers could go under. In the past few weeks alone, we’ve seen People’s Energy, Utility Point, PfP, and MoneyPlus Energy all cease trading.