Martin Lewis: The 6.4% April Energy Price Cap rise is really 2% to 9%

MSE_Emily

How much will you pay from 1 April under the new Energy Price Cap? Well, it depends now much energy you use and where you live, as MoneySavingExpert.com founder Martin Lewis explains in the latest episode of ITV's The Martin Lewis Money Show Live...

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Martin Lewis: The 6.4% April Energy Price Cap rise is really 2% to 9%

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Mark_d

How many people are on fixed rate deals already, and hence not affected by changes to the cap?

The_Green_Hornet

Mark_d said:

How many people are on fixed rate deals already, and hence not affected by changes to the cap?

Graphs indicating the breakdown can be found here -> Retail market indicators | Ofgem

Birmanmum

I'm on a prepayment smart meter with Economy 7 and currently signed up to EDF Ensure Jul25.  I'm also on the Priority Services Register as I'm 77 yrs old and on Guaranteed Penson Credit.
I'm pretty sure there's a better deal out there for me but the deal calculators aren't dealing with single fuel, prepayment accounts and I'm getting really worried that I (and others like me) are going to "miss the boat" and end up paying a great deal more for our electricity than other people and more than we can afford.
All helpful suggestions truly welcome - thank you

Scot_39

So one of the now potentially well meaning / misguided loud voices demanding zero SC tariffs to help poor energy users with high energy bills - now crunches the numbers and then complains when even just slightly lowered SC by iirc an average of 7p a day make high users pay upto 9% more.

Just imagine if that's what happens with a 10% reduction - what happens to them with a 100% reduction to zero standing charge.

At least many energy charities have seen the problem and reacted against the proposals - clearly and vocally.

wrf12345

the charities are complaining about the unit rates for the new zero tariffs but the rates are only so high because it is not an across the board change to the tariffs - and the April increases are not due to the lower s/c but because of the pricing of energy in the last three months.

Scouser85

I’m on a fixed contract until August 25 and currently paying £100 a month. Should I move to a 24 month fixed contract before the price increase which would be £140 a month or wait to see what the variable would be?

jbuchanangb

I think anyone on a fixed rate deal should stay on it until just before it ends, then decide what to do.  Usually the supplier will let you see out that fixed rate, then change you to another fixed rate, or back to the standard rate. The months between now and the end of the fix will be at whatever they are currently fixed at, which will probably be lower then the next price cap. I am fixed until 1 February 2026, and will certainly not be changing.

Spoonie_Turtle

Scouser85 said:

I’m on a fixed contract until August 25 and currently paying £100 a month. Should I move to a 24 month fixed contract before the price increase which would be £140 a month or wait to see what the variable would be?

Depends on the unit rates, standing charges, and your actual usage.  Direct debit amounts are just payments towards your account, not necessarily reflective of your actual energy costs.