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Martin Lewis urges people to lock into a fixed tariff as the energy price cap increases from January.

Energy regulator Ofgem has announced a 1.2% increase of the energy price cap for the period covering January-March 2025.

Someone paying by direct debit and using a typical amount of gas and electricity will pay 拢1,738, or 拢21 a year more, with bills now over 50% higher than pre-Covid levels.

The quarterly cap by regulator Ofgem sets a limit on the cost of each unit of energy, and affects 26 million households in England, Wales and Scotland.

Speaking to 5 Live鈥檚 Clare McDonnell, Martin Lewis said: 鈥淸The price cap] is predicted to stay higher than it is right now right across 2025.鈥�

鈥淎lmost everyone apart from those on non-smart prepayment tariffs, almost everybody can lock in 5% cheaper than the current rate and get the peace of mind guarantee that you will not pay more over the next year. That is the no brainer thing to do right now.鈥�

This clip is originally from 5 Live Breakfast from Friday 22nd November 2024.

Hear more about the energy price cap rise on the Martin Lewis podcast on 麻豆约拍 Sounds.
/sounds/play/p0k68wc7

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