• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
Martin Lewis raises concerns for users of British Gas, OVO, EDF, EON, and Octopus

Home> News> UK News

Published 12:51 27 Aug 2024 GMT+1

Martin Lewis raises concerns for users of British Gas, OVO, EDF, EON, and Octopus

Martin Lewis has some advice for those worried that energy prices are going to rise

Joe Harker

Joe Harker

It's not the news you wanted to hear but the energy price cap is going up once again from October.

That means your energy bills are likely to get more expensive, as the cap of £1,568 that had been in place between 1 July and 30 September is going up to £1,717 from 1 October to the end of the year, an increase of about 10 percent.

Just to refresh your memory, the energy price cap refers to the maximum amount providers can charge for each unit of electricity and gas, so the costs are a guide for them and not you.

Advert

Those figures don't mean you can't pay more than that for energy, it's what a 'typical' UK household on a direct debit would pay for electricity and gas in a year.

Anyhow, the cap is going up so that means you'll almost certainly be paying more in your energy bills.

Prices are going up... again. (JUSTIN TALLIS/AFP via Getty Images)
Prices are going up... again. (JUSTIN TALLIS/AFP via Getty Images)

In comes the champion of your bank balance, Martin Lewis himself, who has talked about the things you need to be on the lookout for and things you might be able to do.

He recently posted a lengthy video on Twitter detailing his thoughts, and his Money Saving Expert site has put out a lot of useful information for you.

Advert

During his video he spoke about the 'moral hazard' of the energy price standing charge, the amount of money you pay just to be able to access your gas and electricity.

Lewis explained that you'd be paying 60.99p per day for electricity and 31.66p per day regardless of how much you used, with the expert calling this 'a poll tax on energy bills'.

"You're going to pay £334-odd a year just for the facility of having gas and electricity meters, even if you don't use them.

"Many people don't use gas in summer, but pay 32p a day just for that facility."

Martin Lewis called standing charges a 'moral hazard' and gave some advice on how to soften the price rises. (Twitter/@MartinSLewis)
Martin Lewis called standing charges a 'moral hazard' and gave some advice on how to soften the price rises. (Twitter/@MartinSLewis)

Advert

With the cap rise that figure is going to rise to about £338 a year, and Lewis warned it 'penalises lower users, often many who are vulnerable, and means they will face a proportionately larger rise'.

You can cut your energy consumption as much as you like but this payment is still going to be coming out of your pocket.

Elsewhere, he advised people on how to deal with the cap rise of around 10 percent, with his site saying customers might want to get a fixed rate now to insulate themselves against future price rises.

Major energy providers like OVO, British Gas, E.on and Octopus Energy have fixed rates which are slightly higher than the current cap but will be lower than the one that comes in for October.

In essence you'd be putting your prices up a bit more now to avoid them going up by even more later on.

Advert

Lewis said it was 'safer to get it sorted now' and shop around for a better deal than sit back and wait for the rise that'd come with the price cap increase.

Featured Image Credit: ITV

Topics: Martin Lewis, Money, Cost of Living, UK News

Joe Harker
Joe Harker

Joe graduated from the University of Salford with a degree in Journalism and worked for Reach before joining the LADbible Group. When not writing he enjoys the nerdier things in life like painting wargaming miniatures and chatting with other nerds on the internet. He's also spent a few years coaching fencing. Contact him via [email protected]

X

@MrJoeHarker

Advert

Advert

Advert

Choose your content:

16 hours ago
17 hours ago
  • 16 hours ago

    There's a worrying reason behind why some people enjoy watching true crime to relax, psychologist warns

    Having a slight obsession with true crime titles could be a sign of some mental health obstacles

    News
  • 16 hours ago

    Meaning behind why people sometimes get small white spots across their bodies

    They can sometimes have serious complications...

    News
  • 17 hours ago

    Moment of death was recorded for first ever time and reveals what our final thoughts could be

    Thinking about what happens when we die is enough to keep most people awake at night

    News
  • 17 hours ago

    Campaigners issue fresh warning over two orcas ‘at risk of death’ after being kept in abandoned theme park

    One of the orcas has spent nearly a quarter of a century in captivity

    News
  • Martin Lewis issues one week warning to British Gas, Octopus, Eon, EDF, and OVO energy customers
  • Martin Lewis gives final day warning to all energy customers at British Gas, Octopus, Eon, EDF, and OVO
  • How much you'll now be paying for electric as Martin Lewis raises concerns following the energy price cap announcement
  • Martin Lewis issues ‘act fast’ warning to people who use Octopus, EDF, Eon, OVO, and British Gas for energy