Martin Lewis Warns of Further Energy Price Rises in the UK
Martin Lewis alerts UK households about a potential 5.7% rise in energy prices this April, as predicted by Ofgem.
UK, Energy Prices, Martin Lewis, Ofgem, British Gas, Eon Next
London: The Money Saving Expert, Martin Lewis, has some concerning news. The Ofgem Energy Price Cap might rise by 5.7% in April. This change affects many UK households.
Ofgem is the independent energy regulator. They adjust the price cap every three months. This adjustment is based on wholesale energy costs.
The price cap doesn’t limit what households pay overall. Instead, it caps how much energy providers can charge per unit of gas or electricity. So, if you use more energy, you’ll pay more.
Lewis mentioned that it’s “nearly unthinkable” for prices to drop. The cap will change in April, and early predictions suggested a 3% rise.
However, Lewis shared on social media that major suppliers expect a 5% increase. He noted that EDF predicts a 3.3% rise, while British Gas and Eon Next expect 5.7%.
He stated, “Bad news. Predictions for the energy price cap keep rising. We’re close to the end of the assessment period, and it’s likely to rise.”
The current price cap for a typical dual-fuel household is £1738 per year. This cap remains until March 31.
If the cap rises by 5%, as predicted, it would increase by £86, bringing the total to £1824.