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Martin’s latest video comes as energy prices continue to soar. He explained: “Energy bills have reached an all-time high. We’ve never seen anything like what’s going on right now …. Wholesale prices – these energy companies are paying – have quadrupled from almost 20 months ago and it continues. to fuel domestic prices.
“So this is not a video, I’m afraid, about cutting your bills and reducing them. It’s about damage control – how do you stop a huge increase? “
The two key steps households can take to protect themselves against rising energy bills are:
- You can stay or upgrade to your company’s Standard Variable Tariff (SVT), which is protected by the price cap of the energy regulator Ofgem. Martin says it’s something he never thought he would say, but there are very few fares cheaper than the cap, which goes into effect October 1. This is because you have a patch for six months and the cap will not increase during this period. So you can switch to SVT and cross your fingers, things get cheaper before the cap changes next April, and make a change then. For once, it’s a legitimate choice.
- Alternatively, you can lock in to the cheapest landline deal a year or two now – but you’ll have to move fast. These are currently at levels slightly below the next price cap, but they won’t last long. When you shop around, be sure to check out the entire market as well – our Cheap Energy Club tool does this by default. You can also read our Cheap Gas and Electricity guide to help you change.
Martin’s other top tips for people in difficulty are as follows:
- Check if you are entitled to £ 140 on energy bills as part of the Warm Home Discount (WHD) program.
- Speak directly to your energy supplier if you have any difficulties; he may be able to help or offer grants or other support. See our guide to housing and energy subsidies for more information.
- Beware of this week’s MoneySavingExpert.com email and the new series of The Martin Lewis Money Show, which airs Thursday, September 23. Martin will be giving step-by-step help on energy bills in both the weekly email and his new show this week.
Martin had already warned households a few weeks ago that bills were about to jump £ 100. He also warned that more suppliers could also go bankrupt. In the past few weeks alone, we’ve already seen People’s Energy, Utility Point, PfP and MoneyPlus Energy go out of business.