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Martin Lewis shares what ‘no one is telling you’ in energy crisis

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Martin Lewis has explained to Brits ‘what no one is telling them’ following the collapse of several energy firms.

At least 1.5 million consumers have seen their suppliers go to the wall in recent weeks after the energy sector was hit by rocketing global wholesale gas prices.

Avro, with 580,000 domestic gas and electricity customers, became the biggest of a series of recent failures in the energy market on Wednesday, with the number of collapsed companies accounting for more than 5% of the market.

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This has seen the Government prepare for the worst-case scenario of high gas costs being more than just a “short spike”, as a minister admitted the energy price cap is facing “pressure”.

Business minister Paul Scully confirmed there is pressure on the energy price gap, which he said is saving dual-fuel energy customers around £100 per year, but that it will be up to the regulator Ofgem to determine if it should rise.

The cap is currently due to next be reviewed in April.

Explaining what this means for customers, Martin said it was a matter of ‘damage limitation’.

He said on his ITV show: “What no one is telling you is what happens next, because the price cap changes every six months.”

Martin explained that the current price cap is based on wholesale gas prices from the beginning of February to the end of July.

But on April 1, there will be a new price cap that is based on the current wholesale prices, all the way up to the end of January.

Martin said: “Based on current run rates, industry experts predict another 14% increase up to £1455 per year.”

He added: “So when you are thinking about price cap, think about not what happens in the next six months but what happens next April and it is going to go up really high.”

Martin recommended Brits to either stick with your firm’s default, price capped variable tariff or switch to the cheapest fix.

The Martin Lewis Money Show Live returns to ITV at 8.30pm on Thursday.



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