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.
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Sandra's Heating Dilemma
- Sandra, 67, turns off her heating to save, ineligible for winter fuel payments due to the low threshold.
- This highlights the struggle of many on limited incomes as energy prices rise.
Price Cap as De Facto Fixed Price
- The energy price cap, designed as a backstop, now acts like a fixed price.
- Most companies charge the maximum cap, hindering competition and potential savings.
Fix Your Energy Tariff
- Fix your energy tariff now to save 5% compared to the variable price cap.
- Use a comparison website like MoneySavingExpert to find the cheapest deals.