The Martin Lewis Podcast
Bonus Mini-Pod: Energy Price Cap rise
Nov 22, 2024
The energy price cap is set to increase by £21 for the average household, affecting 27 million homes across the UK. The discussion highlights the challenges consumers face with rising energy prices and tariff confusion. Listeners are urged to understand their tariffs and compare market rates for potential savings. Additionally, the episode explores the complexities of energy pricing and the need for reforms to ensure fair pricing for vulnerable households.
11:59
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Quick takeaways
- The energy price cap is increasing by £21 annually, affecting 27 million households, highlighting ongoing high energy costs.
- Consumers can lock in fixed tariffs approximately 5% cheaper, offering stability against predicted future price increases in energy bills.
Deep dives
Energy Price Cap Increase
The energy price cap is set to rise by 1.2% starting January 1, leading to an increase in typical household bills by approximately £21 per year. This change follows a previous 10% increase, meaning the cost of energy will continue to remain high for consumers. The price cap updates every three months, and predictions indicate that even after slight drops in mid-2025, the costs will still be higher than the current rates. Understanding how these caps operate is crucial for households, as they only regulate the standard tariffs offered by energy companies.
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