Martin Lewis: 'Should you fix your energy tariff or stick on the price cap?'

All the latest information on this crucial gas & electricity decision

[@mooskamoo]

I wish everyone would just talk about unit prices, average bills is a bit silly as everyone had different use.

[@monk3yboy69]

Try get an answer about the max price per unit rate the baggers are allowed to charge. They do not want to even go there. Ofgen says 28ppkw and Shell has me on 33ppkw. And they will argue like mad. I have raised a complaint. We wait and see.

[@rosso2017]

Absolutely. He starts by saying that ‘there is a lot of confusion, there no limit to what you pay and that it’s just based on unit prices” then goes on to talk about the cap in terms of price paid. Bonkers no wonder people are confused

[@truckerfromreno]

Spot on.

[@mooskamoo]

@Mistymirror Curtis that’s a good comparison with fuel prices, imagine if the news talked about ‘average annual diesel bills’ instead of price per litre, we’d all be confused to hell 😃🤣

[@davidrowe8747]

I think the average person finds figures associated with a "typical bill" easier to compare following increases - and the tariff information isn't difficult to find for those who want to create a spreadsheet and do their own calculations.

[@aitkendavies]

This whole situation is just absolutely disgusting.

[@melvinp1324]

i changed to a standing order - put my order to what i paid pre march - im not putting up with this Bullshit and these companies making massive profit so someone can go buy weapons and send to ukraine

[@patriciamay3779]

So is He.

[@thechurchofsupersampling]

I feel the world becomes more like Discworld, but where they have turtles all the way down we have cunts most of the way up

[@gkbxx9924]

@@patriciamay3779 Do you mean God, or Martin?

[@dorothy792]

@@gkbxx9924 He he

[@davidmcdowell3533]

So when wholesale energy prices rise, retail prices increase massively, but when wholesale energy prices fall, retail prices "don't drop that much". The stench of corporate greed is overwhelming at this point.

[@davidwilliams2840]

I'd like to know why the standing charge has doubled for no apparent reason these utility companies are just taking the f****** piss

[@MartinE63]

The increase in the standing charge (of up to £70 per annum) is to pay for the excess cost for suppliers to take on customers of failed suppliers, the failed suppliers that simply did not understand the risks of rising wholesale costs, the ones that simply bought energy ‘on the day’ and added a percentage markup before selling it to their customers. For a long time that ‘strategy’ worked, but it rapidly became unsustainable. Even the energy retailers in business today, because of the price cap, are either making a loss or breaking even.

[@richardallen503]

@@MartinE63 Sorry my standing charge has gone up by £84.87 , i believed the standing charge was for my supply and billing costs, which should not have got 100% more expensive, we should not be charged for what you are saying is people who got caught out with dodgy companies trying to save a penny or two , they have had to go to larger companies who should charge them as new customers, as long as they are being paid it is now by more people,it should not require a 100% price hike for everyone, if all the large companies have done this it becomes a conspiracy as it cannot cost 100% more to supply, the gas price is the price but nothing has changed as far as what they have to do to supply me so why the increase.

[@MartinE63]

@@richardallen503 the ‘large companies’ forward bought energy for their own customers, they cannot be expected to take on hundreds of thousands more customers for whom they have made absolute no provision for, that’s why the costs of this is spread across all consumers. (With the exception of bulb where it’s ‘too big’ and thus coming out of general taxation) Want to blame anyone and it’s ofgem who turned a blind eye to inadequately capitalised very badly run suppliers, and politicians who are not even competent to run a corner shop. Until recently 500 quid and an office was all it took for ofgem to grant you a licence to retail energy, you could be a crook (many were) and it made no difference.

[@ivorjones6618]

@@MartinE63 we payed standing charges before this mess started so to say it is to cover costs of failed suplyers is frankly bulls++t

[@MartinE63]

@@ivorjones6618 The additional cost, not the entire standing charge

[@no-oneman.4140]

Wish this guy, or people like him, were running the country, they have more integrity in their little fingers than any of the mob in parliament.

[@Thirdfish]

They do all they can to stop people like ML from running the country, they like to capitalise on everything they promise to fix, they offer manifestos of salvation and never ever deliver on them yet they still get voted in to power.

[@no-oneman.4140]

@@Thirdfish I wish there was a box to tick that read 'None of the above' ....

[@melvinp1324]

your playing his game then which is controlled gov game ! why dont you take ownership and play them at their own game - change from DD to standing order then you Dictate what yuou pay

[@fredatlas4396]

Sadly to many people voted for them and it appears they will continue to vote for the con party. Even the BBC talking about local council elections, and the journalist said oh but a lot of people think they are all the same so there's no point in voting. Why are they spreading these lies and bullshit propoganda even on the BBC. Surely they should be encouraging people to actually vote and engage with politics. Look at what's really happening & encourage people to vote if they are not happy with the way things are currently, vote to change things not keep them the same

[@lucyallsop88]

The guy is a fake, surely you can see that.

[@TC-V8]

I think it's scandalous that no one is talking about why the standing charge is also going up massively? Yes fine - energy per kwh is very high now but why are they 'kicking us while we're down' and increasing the standing charge???

[@johnw2758]

Because if you choose not to use energy they will still make a massive profit off you. They're not daft.......but we are :-(

[@pingupenguin2474]

We aren't daft. We know it's happening. We can protest but for now we just don't have any choice !!

[@ministryofanti-feminism1493]

@@pingupenguin2474 You ARE daft if you think protesting is worth anything. The simple fact is that mass violence is the only thing that can work, but we are all so domesticated these days. No longer the sons of Wat Tyler and Jack Cade - just a nation of bunnies and sheep.

[@TrickyTree84]

To pay for the firm's that went bust

[@davidmcdowell3533]

Lewis says in this video there is a price cap on the standing charge, but apparently it didn't stop the greedy looters doubling it.

[@fuzzlewit9]

With companies continuing making so much profit then to call it a cost of living crisis is inaccurate, we have a corporate greed crisis.

[@tendies9248]

Supply and demand. We get our energy from Russia

[@memyself1566]

@@tendies9248 Not all of it. Why upset a country that supplies us with so much? It’s all part of a plan by both sides of the illusory conflict.

[@ministryofanti-feminism1493]

Ofgen are the ones who bumped the prices up 54%. Them, government and these private corporations are all in it together. We are nothing but farm animals, all of us.

[@davidjames3080]

@@tendies9248 Fake news. Unless you mean the 1% of gas we get from Russia.

[@ronniehotdogs130]

It's also government failures to cap their profits

[@Rapid_GT]

I get the feeling energy prices will never come back down to what they were, a bit like Fuel prices, it is clear to see we are being priced out of our homes and vehicles " Own Nothing And Be Happy" WEF!

[@waynedl99]

Exactly, as long as people just carry on, nothing will improve. I'm alright Jack. Divide and conquer

[@ministryofanti-feminism1493]

That's what happened in 1973/4. Was supposed to be a 'temporary crisis", prices supposed to come back down. It never happened.

[@hannahmiles1324]

I agree, this is all part of the plan.

[@markaltosmith7871]

Government could step in, 50% of fuel price is tax and also they charge tax on sell of oil per barrel sold, depending on the age of the platform producing it. So tax tax tax. Government love a fuel price rise more tax

[@Rapid_GT]

@@markaltosmith7871 The Gov could also stop fuelling a war, stop sending billions overseas and stop the sanctions that were only meant to cripple the western economy, those sanctions aren't doing anything to Putin at all.

[@darrenstephens1147]

Keep up the good work Martin. We really need people like you at times like this helping the ordinary people in the street. I am 53 and never seen the cost of living so high in my lifetime!

[@michael5089]

I'm 54 Darren. Totally agree.

[@dodahspeak]

@@michael5089 I'm approaching 67 and don't remember anything this bad in my lifetime either.

[@melvinp1324]

you do understand his Govt contolled -- where you think this money goes when we have free solar power in the fields - well it goes to start up wars in the EAST and make the Rich more Richer

[@sempereadem54eadem64]

Ha ha

[@dodahspeak]

@@sempereadem54eadem64 yes, it's hilarious isnt it 🤣

[@waynedl99]

People need to just NOT PAY! It's disgusting, a rip off, causing major poverty. Everyone needs to just NOT PAY! Or, pay what you can afford ONLY! We're having the piss taken out of us in all necessary stuff, gas, electricity, food, council tax etc. DISGUSTING!

[@ministryofanti-feminism1493]

Not paying is not realistic. That results in enormous bills which will turn in to personal bankruptcies, repossessions, etc. The best option that i can see is to pay what one can afford. Just pay something.

[@Broadwould]

Whatever the unit prices are we can control our bills by using the minimum possible amount of electricity. What we can't control is the daily standing charge of 50p or more (depending on location and supplier) which has doubled and is payable even if we use no units. The daily SC of 50p is made up of operating costs plus green levies plus 18p (£68 ÷ 365) for the cost of rescued energy firms who've gone bust and just over 5p to fund the WHD (£19 ÷ 365). Doubling the standing charge is a total rip off. Why are customers having to cover the cost of the failed energy companies and why do we fund the WHD ? There would be riots if petrol and diesel had 10p per litre added to the price so that hard up drivers could have some free fuel.

[@memyself1566]

There is no need whatsoever for any of these price increases - it’s just opportunistic corporations making even more profit and nothing to do with Russia and the Ukraine. Any excuse to make a world event into a crisis. Shortage of food of one kind or another is the next step.

[@ministryofanti-feminism1493]

Why? Because they know that consumers will do nothing but complain about it.

[@steve6375]

Why - because the gov set an extremely low bar to allow new energy companies to start up. They were not audited by OFGEM properly, they made massive losses each year and yet were allowed to continue in business. They had no 'safety net' in case energy prices went up. They sold energy at below cost price in some cases just to get customers, they were new to the business and naive (or just took massive salaries and didn't care if the company went bankrupt). All done so the gov could say they have brought down energy prices by allowing for a competitive market. It is the fault of the people who made the lax regulations and OFGEM - but no one will be blamed or will suffer any consequences for not doing their highly paid job properly except us - to the tune of £3bn-ish!

[@alcurtis93]

You pay the warm home discount so that people who are in very dire situations don't have to freeze to death over winter. You'd pay it one way or the other through taxes and so this is just the way the government chose to set it up

[@darren1571]

In the US many states pay less than 9p per kWh for electricity and their infrastructure has to deal with huge distances yet we pay 600% more. It’s f’ing disgusting.

[@ampersand.]

Americans do pay standing charges - it`s called delivery rates and can be quite high

[@PocketSurvey]

The daily charge should be abolished! If you don't use much energy, for example on holiday or during summer, you still pay an extortionate daily charge 🤬 This is totally unethical. Is anyone lobbying government about this?

[@MrDuffnote]

If you can do without the gas from may onwards try telling the supplier you have switched off the gas supply to your house so would just like to be on an electricity only for the foreseeable future. This won't work if you use gas for cooking or other things...(like Hitler did :-})

[@PocketSurvey]

@@MrDuffnote I don't have gas, I am on electric. The daily standing charge almost 48p per day!

[@ministryofanti-feminism1493]

These companies and the entire infrastructure need nationalising. And Ofgen has no care for consumers. They are clearly doing the work of the profiteers.

[@Churros4eva]

@@MrDuffnote The standing charge for electric has doubled. Can't really do without ìt.

[@PauldeVrieze]

I am happy to have been able to get a deal around 17% over the cap as existing customer, even when sticking to the variable tariff from mid March to the end of March. Figure that the October cap is even more painful and covering a period where we use more energy. I did figure out a "free" energy saving trick in reducing target heating and hit water temperature on the boiler (just a dial you can set). In the summer we don't need high capacity heating, if any at all

[@nw8000]

I have my owe price cap...I don't turn it on

[@dodahspeak]

Are you living in the dark, eating raw food and listening to a battery powered radio then?

[@nw8000]

@@dodahspeak Pretty much that's been how it is

[@RandomNoob]

I have my own too, im on a EV tarriff so only pay 4.5p midnight until 5am, during this time I charge up 10kW of home batteries and run almost all the house off of the cheap night rate which saves a fortune, during the colder months I have electric heating during the night which keeps the house warn and then just use gas throughout the day to maintain temperature.

[@Churros4eva]

Cheers Martin. You're doing a Sterling job. I've always been on fixed price tariffs but now you've shown them to be more expensive, I am now on the price cap ;-)

[@michaelgale4639]

Thank you Martin. This video perfect timing for me. Currently with edf on one of the cheapest on-line only fixed tariffs until 1st June. Basically new standard tariff means I will be paying 100% more than currently. I've had new fixed tariff offer for 2 years of approx 50% more than new standard tariff. Intended not to accept and your advice confirms this is the right decision. One thing I've noticed is the daily rate has also increased substantially. Not sure how they can justify that.

[@adammichael433]

Hello Michael

[@Pyxelles]

I'd like to see you, Martin on the panel of the political show Question Time. Great content as usual, thanks.

[@philzvids3577]

I can't get any sense out of British Gas. They cancelled my dual fuel account for no apparent reason and opened a new one. Also cancelled the Direct Debit. I paid nothing as a result in April and the new Direct Debit kicks in for May at the original amount. I've tried talking to them on Facebook, web site chat, email etc and got nowhere. Utterly useless company. The whole lot needs to be re-nationalised with immediate effect so everybody can then hold the government responsible.

[@IanHolton]

British gas are terrible. I got put with them after energy company I was with went bust. Didn't get a bill for six months. Tried to talk to them they made it worse by confusing me and basically lying. Can't wait to switch but got a wait for market conditions. whilst this incompetent government refuse to re-nationalise.

[@fuzzlewit9]

Unfortunately there's no major political party in the UK that want to nationalise any of our vital services. The chance for that ended after the 2019 general election.

[@stephenboyd4934]

I'm in the same although slightly different situation, I was with SSE in a new property but was in a switch with people's energy, only three days into the switch PE went bust & I asked SSE & British Gas too stop the move with no effect so eventually I was switched against my consumer rights. But ofgem fixed my tariff until June 30th now British Gas want too egnore that situation & have put up my rates to the April increase which I won't pay the increase ? They don't even know my gas meter reading & have estermated it 1000 units higher then reality, British Gas are the worst company & have always kicked them out where ever I go. But twice now when the company I was with went out of business I've been forced too British gas / sick of it, I'm thinking of selling up too get rid of the cnuts. If I move I will not contract with the company billing the new address, no contact - no name - no contract. Won't register for a vote as voting is a con & cencors can do one too ?

[@fredatlas4396]

How comes France was able to cap their energy companies rise to just 4% and Germany capped there's to 5%. That's a huge difference in prices. And what is the point of a regulator if they just put the energy cap up way too high, so it appears to keep the energy companies happy and deliver them big profits

[@fredatlas4396]

@Dollie yes because the regulator here in the UK put the cap up by 54%. Why hasn't our tory government kept the cap low like many other countries. Could it be they are looking after their doners in big business, enabling them to make big profits at our expense. France appears to be looking after it's citizens much better than the UK, and Macron isn't a socialist. So how far to the right are our tory government now

[@andrewbarnard667]

@@fredatlas4396 other countries were already paying much more than we were so ours had to rise much more.

[@fuzzlewit9]

Many other countries have nationalised their energy industries, ours were privatised and so companies need to make a profit, other countries with nationalised energy can absorb that hit. No major political party in the UK currently want to nationalise the vital services, our chance for that has passed I'm afraid.

[@fredatlas4396]

@@fuzzlewit9 yes, but how much profit. It's called extortion amongst other things

[@fredatlas4396]

@@andrewbarnard667 that's not true, where did you get that idea from. I know of people living in Portugal for example, using EDF and their energy costs were much lower than the UK. We have had privatised energy companies for yrs since tories privatised energy, water and railways in the 1980's. And since then they have been ripping us off

[@bourne3106]

Thank you for all your efforts Martin and being on our side

[@DF-dd5nf]

Thanks a lot for all the helpful information, you are amazing!!!!

[@danieltilley888]

Martin, thank you. Your advice is invaluable.

[@melvinp1324]

No its not - if it was he would tell everyone to stop paying it until these companies get rid of green allowance - he is a controlled govt presenter - or he would tell everyone to go back to old days like post office or sdtanding orders - when its diect debit they dictate to you and thats wrong

[@robhingston]

Thanks Martin Since April I’m controlling the increase by decreasing my Energy electric blanket etc … My STANDARD CHANGE with gas and electric is now £1.07 a day which is something I CANNOT control.. the standing change is outrageous it’s a nonsense and if you’re going to have it you shouldn’t be no more than 20p a day maximum per household not both electric and gas Had to get that one off my chest…

[@MetalVII]

My standing charge with octopus is 26p…

[@robhingston]

@@MetalVIII did apply a few weeks ago to octopus but they haven’t got back to me … Thanks

[@peakrider4886]

@@robhingston the standing charge element is wholly ridiculous. Octopus energy has more than doubled our standing charge from about 22p a day to 52p a day (we are electric only). If the standing charge is meant to be based on the amount to supply the electricity and maintain the network, how has this doubled since March? Yes there may be higher wages, and of course the increase in National Insurance, but it’s not double.

[@biddestonecc-treasurer3220]

@@peakrider4886 The standing charge includes a premium for bailing out companies that went bust. All of customer's credits were lost but are now being repaid through the standing charge, robbery!

[@peakrider4886]

@@biddestonecc-treasurer3220 if that is the case, and I’m not disputing what you have said and it doesn’t surprise me in the least, why have are some customers standing charge for electricity 20ish p per day and mine is 52? Surely this should be a standardised charge or at least a standardised % increase across the country. There’s definitely something wrong with how these standing charges are being issued to customers.

[@mrichards55]

If the price cap is designed to prevent profiteering, it’s not doing its job because wholesalers are profiteering.

[@MartinE63]

Actually they aren’t, the fuel input costs alone often exceed what the retailer can sell energy to the end customer, for instance at 1930 27th April, the wholesale price was the equivalent of 28.9p/kWh, I’m only paying 27.35p/kWh

[@mrichards55]

@@MartinE63 So your energy supplier is taking a loss. But what about the company selling to the energy supplier? They’re cashing in and laughing all the way to the bank.

[@MartinE63]

@@mrichards55 the input costs of gas fired electricity generation are what the wholesale price is, unlike renewables which have no fuel input costs no one generating using fossil fuels is making any profit, yet they are essential to ensuring continuity of supply when renewables fail to deliver, either in darkness, or over winter or in a period of very low winds. those actually extracting gas from the UK continental shelf or shipping from the USA or Qatar as LPG are making a profit, but two years ago the UK producers were making a huge loss, on countless billions of invested capital. They could easily walk away and refuse to supply, the gas, like it or not is is theirs, from day one of ‘North Sea gas’ it always has been, that’s the way the industry was structured (unlike Norway)

[@markkirby7600]

@@mrichards55 They won't be soon. Shell is going to take a $4 billion hit from exiting the NordStream 2 project and BP is expecting a $25 billion hit from selling or giving away its Rosneft Shares. Remember as well that when they report their earnings, they are world wide earnings not just the UK. The main winners from the current situation are the Russian's.

[@fuzzlewit9]

@@mrichards55 Only the smallest energy companies, with the highest overheads and yet offering the better retail prices, are going bust. The big energy companies are still making massive profits.

[@engima3196]

Thanks for the update.👍🏽👌

[@rowan7658]

I have decided not to join in their “game” I am going to keep my heating off and keep myself warm and not the house. However we are still being screwed because of high standing charges.... which in my option need to be scrapped altogether. Or we all just stop paying, they can’t switch you off without a load of hassle and if enough of us said “I am not paying that much” they would be screwed instead of us.

[@joforrest1]

The last 2 years have proved that people generally will go along with anything even when it is to their detriment

[@dorothy792]

@@joforrest1 Martin has warned that there may be civil unrest because of this. There was over the Poll Tax.

[@foppo100]

@@joforrest1 Spot on JoIam shocked how many people act like slaves the muzzle wearing madness.No wonder the elite laughs at us big time.We have no backbone left we obey sir.

[@jimbrown2688]

Reluctantly I just fixed to EDF for the next two years. Been with them for about three years now. I checked around and Scottish power was one of the lower tariffs and they wanted £3,300 a year. I didn't want to do it but given where all this might go I've managed to get a deal for £2k a year with my existing provider EDF or a three bedroom house. Also, using a discount code provided by Mr Lewis I got £150.00 worth of credit on my account as part of the deal. EDF did not advertise those. At least Martin Lewis does has the consumers interests at heart and doesn't try and sway you to specific suppliers. If energy prices don't go up by 55-60% and stay be a 40% increase I'll still be about even over the deal.

[@tombaker9341]

so much political corruption waging perpetual endless wars have to be paid for by the destroyed living poverty standards of the masses sir Martin. 😢

[@melvinp1324]

thats what we are paying for - endless inhumane wars just so they can monopoly everything else !

[@crocoman776]

We are on a 2 year fixed tariff until May 2023. We were paying £113 per month and over 6 months in the winter there, we ended up being £133 in credit. I asked for my DD to be reduced to £95 to reflect our actual usuage (and now we should see another credit build during the warmer months). I know next year, our bills will be much higher, but we have already taken steps to reduce our Netflix package and save a few pounds here and there.

[@ambernectar3158]

Just heard you on LBC 16 May 2022. You have earned my respect. Boris needs a smidgen of your decency.

[@johnshellard6201]

Thank you Martin, doing more for the British public than the entirety of Westminster. This country is an absolute disgrace and I can only see one way out…REVOLUTION!

[@dorothy792]

Jesus is coming.

[@leeroy25024941]

so in summary for the vast majority of us all....do nothing and still stay on the price cap! right will do Martin 😊

[@roxammon5858]

Someone is making big money out of this crisis

[@thomascatford2627]

All these suppliers are making loads of profit, increasing direct debits to keep their cash flow and companies afloat , robbery, why does the government not take control of this .

[@mrichards55]

Arab sheikhs are going to be buying up all your property, taking up all university places and clogging up your roads with supercars.

[@nalodailec]

You're right - and it ain't you or me mate!

[@taniayager3361]

Try the govt and their cronies!

[@tyu789ghj]

I bloody love Martin Lewis

[@martinmurphy5097]

On a fixed plan at present, paying around £150/month. My current supplier is offering a new fixed plan at £370/month!! Not quite a 25% or even 54% increase! Though a month ago it was offering fixed at £460/month!

[@waynedl99]

Get a smaller house

[@neilgraves5069]

Thanks very much Martin .

[@susanmitchell4744]

You are brilliant!!! So clever.

[@soneyliston7902]

Riddle me this, If we only get 5% of our gas (according to Dominic Raab it's 3%) from Russia why have prices gone up 54%?????

[@cpuuk]

and only 8% of our petroleum from Russia, so why these constant price hikes?

[@intheyear2510]

because it's sold at market prices

[@thomascatford2627]

Greed thats why

[@hitchjack]

Because there were already gas shortages because of covid and Russia having low reserves themselves. Wherever we get our gas from, you are competing with a bigger market now with countries wanting to buy non Russian gas.

[@nota8386]

Green taxes

[@enchanted_blue9807]

All this goes over my head, and living on ESA I can see me not eating just to be able to pay council tax and electric.

[@lisadefries6718]

Maybe this is a new tactic from government to get the nation thin and slender

[@rachelhoward334]

Please don't stop eating, just stop paying your council tax, this will filter back to Westminster and this dreadful gov who is allowing the companies to make such indecent profits before our welfare, the statement of do no harm has been removed by them.

[@waynedl99]

reduce your electricity and gas usage as much as possible, then only pay what you can afford. DO NOT stop eating. As mentioned below, argue your Council Tax bill or stop paying that before you stop eating. However, this advice should be accompanied by eating properly and shopping properly, it's not an excuse to not pay your bills while living on Macadees or whatever.

[@ministryofanti-feminism1493]

@@nadineanderson9600 Many elderly people will die this coming winter. But yes, the first thing to be cut should be the council tax. Since these rises, we have hot water, lighting and cooked food OR we pay council tax. Not both.

[@paallotey]

Thanks Martin!

[@thriftytowers7160]

thanks for your vid. v informative.

[@markaltosmith7871]

Thanks for that martin. However i would like to share an experience. I went with BG for fixed rate OCT 2021. used online form which required my estimated use. It was accurate based on x3 years meter readings which i took and calculated. BG came back with monthly direct debit plan of £220, so we signed up. We did not receive any further details, smart meter installed, all good. However after 6 months, first bill came in we were short by 50%. Due to BG underestimated are usage by half, the quoted DD payment based on their guess, even though i produced an accurate average. I feel that i was mislead.

[@jimw6659]

It’s a shame that the channel provider refuses to interact with the comments section. The video is only half of the story. We would learn much more if you responded to questions - that’s where the nuance should be.

[@chrisdarcy7557]

I’m a salesman and about to go onto gas and electric snd they’re paying the highest commission rate they ever have! My advice is to fix rate for two years and protect yourself from the 120% rise due over the next year. However don’t spend any extra money you’re saving over the next two years. Put it to one side and when you renew your tariff in two years. Use it as account credit and re-fix a new tariff but try to carry over a current plan if possible (won’t be possible in 90% of cases)

[@tr9809]

I've just been put on a tariff of £345 per month by Scottish Power. I'm on my own in a small two bedroom house. Renting.

[@suewright1299]

Very many thanks indeed Martin

[@debbiebrady2389]

Cheers Martin........top man.

[@annepurser215]

We would love to be on the price cap! We are 78 lived in our 3 bed semi for 45 years but because our home was built in 1880s there are very few ways to insulate. We have original windows (no double glazing) and high ceilings. We have always been a higher user and appreciate we have to pay for what we use but because we are higher users we have to pay an even higher rate making our expected bill for this year £4800 from £2500 last year. Usually when you use more of something you get a discount. Sorry for the moan I know it won't get me anywhere but had to vent.😡

[@steve6375]

Wear thermal vests, T-shirts, thick shirts/blouses, jumper/cardigan, etc. use layers of clothing instead of heating the house and outside! Keep the heating at 18 deg C and only in the rooms you use. When watching TV, etc. use an electric throw rug (really an electric overblanket). They are lovely and cosy and very cheap to run and you can pop them on top of the bed if its a very cold night when you turn in.

[@VCanisMajorisY]

Build an indoor luxury greenhouse. The prices you quote you'll make your money back within a year

[@tricky1992000]

You will have a chimney, install a wood burning stove with radiators.

[@hashmo101]

@@VCanisMajorisY growing what tho?

[@traciebushnell1425]

Thank you Martin for explaining it all British gas have still got my credit from people energy they don't seem to be handing it back you can't get in touch it's all to confuse us

[@philpoole1519]

I had the same they just add it to your account so you will be in credit, you do not get the money

[@MikeMike-qe3pk]

Scottish Power have quoted me a price rise of 400%.....£614 per month for gas + elec' , ridiculous !!

[@JamesCollins90]

3 days ago this video went up. 2 days ago I got a lengthy email from British Gas about the pros and cons of fixing. And it was 25% higher than the cap… what a coincidence

[@davefromyork4695]

I switched to British gas tarrif : Energy Plus Protection Mar 2024v7 its less than half of a capped tarrif and available to anyone with British gas, Elec 17.6p kWh & 21p day, gas 3.8p kWh & 14.6p day, they advertise dozens of Energy Plus Protection tarrifs but I found the V7 cheapest at time of sign up 8 weeks ago, I hope this might help some of you

[@zx10rmac84]

This is ridiculous, when will it stop? ✌️🇬🇧

[@Snakebloke]

Thank you, Mr. Lewis. You are much loved.

[@Ladynipchick2]

Thank you Martin. And can you or anyone here advise if getting a Smart Meters would really help me access cheaper deals? I don't have one atm, and my 2 year fix v2 Economy 7 tariff ends in mid May. X

[@aneshahamilton7795]

My question is, is this a good time to switch to a fixed tariff if you’re not on one as yet? Was advised to watch this video because I want to switch companies as I think I am over paying for what I do not use. I am not on fixed tariff but I was considering it along with switching. Please advise 🙏🏽

[@heatherkitchen1288]

Can't get a fixed price. My electric price cap ends in August, have been told no new fixed available . Also if they do one it is going to be very high. Luckily I got a new fix for my gas in December last year for 2 yrs. It is higher than I was on but will save me in the long run.

[@toonnut1]

We should out on the streets protesting about these disgusting prices Where's the fightback people just roll over and take it!

[@steve6375]

The scandal is that OFGEM (or the people who specified the gov regs) have been extremely lax in allowing new energy firms to make horrendous losses year after year after year until they go bust. The new companies were never vetted or audited properly and had insufficient protection against increasing supply costs. The government has paid the remaining, more responsible energy firms to take on the bankrupt accounts and it is now costing each of us £100 a year in increased energy bills in addition to the increased wholesale energy price increase. And this was originally done to encourage competition in the energy market and bring DOWN energy prices. So who is being held responsible for this fiasco? People in high-paid jobs are responsible for this and we pay the £3bn(?) bill! I believe that the regulations have been tightened up more now but one wonders if the fat cats who were responsible for approving the original scheme are still allowed to tie their own shoelaces let alone regulate the energy sector!

[@rachelhoward334]

The standing charge has doubled and this pays for the bankrupt companies debt,so wrong that we should be paying for governments bad policies , is this why it doubled?

[@steve6375]

@@rachelhoward334 not completely, but it's responsible for 100 of it. The irony is that the oil companies get a rebate from the UK government for exploration and green energy investment, and it's just about equal to the amount of tax they pay. They could produce more oil and gas but they don't because that would lower the price! It's a cartel.

[@rachelhoward334]

@@steve6375 Sick to death of the Tory policies on everything, now we have 3 center right and right wing parties to choose from, absolutely no alternative.😡

[@steve6375]

@@rachelhoward334 well I've always voted Tory but the last 20 years have just got worse and worse. Appalling behaviour, extremely lax, incompetent, no one seems accountable, get rid of any advisor that has the audacity to point out any failings, house of lords seem to be asleep or too pissed to notice. It's appalling!

[@angusmacmillan5365]

Energy prices include the operational costs and profits of private limited companies who don't buy energy until they have a customer. They are not "suppliers" of any product; they are merely bureaucratic middle-men. It's a scandal that these companies are profiting handsomely on the back of those who have to chose between heating and eating. If everyone held back payment, could we bust these companies? They can't sue everyone.

[@melvinp1324]

they have been monopolised ! so the monopoly can go play the game - understand the system - best way is change from a direct debit to standing order then you dictate

[@fredatlas4396]

And those big energy companies buy a lot of their energy way in advance, even before they have customers for it. So when energy prices go up, they are charging their customers more money for energy they already brought at a, in this case much much lower price. One word for this is profiteering or I guess you could call it fraud

[@taniayager3361]

@@melvinp1324 Best thing is that the majority population do not to pay them anything and stand up to these bullies and the govt that is benefitting from this!

[@angusmacmillan5365]

@@fredatlas4396 If this were the case energy companies would not be going bust. The problem these companies have is to attract customers, so they sign up consumers for , say, two years at a discount within their profit range. That's fine if the wholesale price remains stable but if it rises and wipes out their profit then they have two problems, (a) they can't honour their contract to the consumers and (b) they can't afford their operational costs - so the company goes bust. If a large number of consumers held back payment it could crash their cash-flow and bust them.

[@stephenboyd4934]

A good Idea would if you could move too another address, but don't contact the electrical billing company / no name no contract & if you can change your meter which means if it's not their meter they cannot charge you anyway ?

[@alanmichaellincoln]

I was already cutting down on gas for years by only heating house to 16 deg so I'm buggered!

[@zolalloyd46]

It was interesting when Martin said that some energy suppliers watch his videos and whenever he mentions a certain percentage target fix above the current price cap rate, they set some of their fixed tariffs to or about that fix rate target. @6.44, such is his influence.

[@MAK9246]

From my current supplier - Scottish Power, the cheapest quote I'm getting for a new fixed tariff is almost 100% increase on what I'm paying now.

[@peakrider4886]

Thanks Martin. You’re a star. But please can you or someone explain what is going on with the standing charges? I thought the standing charge was an amount paid to supply the gas or electricity and maintain the network. Surely this has not increased that much? Yes there’ll be employee wage increases, and of course the National Insurance increase, but what else is there to necessitate my rise of 22p a day to 52p a day (we are electric only)?!!

[@fuzzlewit9]

You are paying for the costs of administrating all the private energy companies that went bankrupt and replacing the credit balances that customers had with those companies.

[@peakrider4886]

@@fuzzlewit9 this seems to be a common thread to explain the increase in this charge. However what still remains hard to understand is why some Octopus energy customers who have posted comments are paying 24p a day, 26p a day, some on 33p a day, and then I’m on 52p a day.

[@Dat-yi4iz]

As if the prices will ever drop now look at petrol oil prices have gone through the floor yet prices at the pumps hasn’t gone down just a easy target knowing everyone has to use it and too much money to be made villians all of them and we have no choice anarchy coming

[@melvinp1324]

its so all there ates in high places get more $$$$$$ from us - it needs to stop now and the only way is for us to go back to old days - standing order where we dictate or paying via post office

[@crimmeyd00d47]

Oil is still well over $100 a barrel and the world's currencys are tanking against the dollar making oil even more expensive than it seems as it's traded in dollars so effectively add another $10 plus dollar on top. Stop spreading your ignorant muck about and educate yourself.

[@Mark-mu4pj]

Nice video.

[@timwilcox9600]

I took an Octopus Fixed offer at 12% above the cap in early March as the war started (the offer was taken down the next morning!). The good thing about Octopus is they offer a no-penalty exit so during low gas use in the summer you can see which way the wind is blowing and come off it if necessary. However I reckon my rate looks horrid now but might be quite good by the end of winter 2023…

[@kamranamjad]

I did the same 👍

[@FAFash-wo9yg]

What is horrible about your deal. It's only 12% above the price cap. If prices are set to rise again in Oct then being locked in is a good idea. There's no deal like that now. Everything is above 30%. I think the deal is decent 😉

[@timwilcox9600]

@@FAFash-wo9yg No it's a GOOD deal. That was my point. What seems a scary monthly sum now will look rather low come the end of the year.

[@FAFash-wo9yg]

@@timwilcox9600 yes 👍🏽

[@harveydontell777]

Knighthood for Martin Lewis!!!! 👍

[@ianbird6997]

Thanks Martin 👍

[@michaelthomas3646]

I know your prediction was wrong for September last year, but when would you say is the best time to fix tariff for someone that predicted correctly in September last year and got locked in for a year before the price hike?

[@italsounds001]

I looked to move to a different provider, on the capped tariff (because I wasn’t happy with customer service of existing supplier) and was told by the two I tried that they are not taking new customers! My fixed tariff came to an end at the end of March, my monthly bill doubled overnight, 100% increase in my monthly DD ☹️

[@oldseadogcb3130]

Immediately STOP your D/D because they WILL rob you! Set up a "Standing Order" that you feel you can afford which should be around 20% - 25% above what you were paying before!!! That way YOU are in CONTROL and NOT the ROBBING energy providers 👍 Ease your mind and sleep better at night... TAKE CONTROL 👍

[@VCanisMajorisY]

Switch it all off except the essentials. This coming winter I'm wearing layers and switching it all off except for router and time machine

[@KrzysztofJurek]

thank you Martin

[@petermcbride1215]

My cheap fix rate expires on the 15 June 22, BG offered me a 12 month fix until 15 June 23 with no early exit fee and the standard variable rate with the fixed being £2,427.46 PA the variable being £2,2243.90 PA so an extra 8.18% so from what Martin is saying I'm best fixing until June 23 when hopefully this will have all settled down a bit, my concern now the prices are high they'll fall back a bit but will remain fairly high compared to what we've paid historically.

[@simplesmeerkat1665]

If I’m not at the gym I am in bed to keep warm!

[@russ623]

My energy company are now charging 16.26p per kWh for the off peak electricity. The tariff for gas is 7.344p per kWh. What energy source is more competitive to heat the water for showers etc? Seems pretty obvious but I am missing something? Thank you.

[@Neutron66]

I managed to fix with Scottish power for 18 Months at 7p per kwh Gas and 27p per kwh Electric (Standing charge 27p each fuel per day). I think that's on par with the cap in our area.

[@joforrest1]

Scottish power are terrible would rather have no heating that go with them

[@johnstephenson6231]

Hi Ian, I'm with Scottish Power also and I'm on those price cap rates currently as my contract ended on 30th April but when I rang them I was told that these rates will increase in October when the cap is going to be raised again. How did you manage to fix this for 18 months? I am thinking of switching to OVO for their 2 year fixed deal as having worked out that, although there is little difference with Scottish Power over the 2 years, taking into account price rises and drops as Martin mentioned, the OVO Direct Debit stays at £120 a month as opposed to Scottish wanting £125 then probably £168 ish then around £150 ish and ending up after 2 years around £700 in credit with SP.

[@Neutron66]

@@johnstephenson6231 Hi John, I would not go with OVO as their admin are useless. They overestimated my mums gas by 3000 cu mtrs which amounted to £1500 at the old rate and then applied the new rate to it making a debt of £3000. It took 8 weeks to sort and a letter from my MP and the local paper! RE my fixed rate. I fixed at the end of March as I just happened to log into my Scottish power app and noticed the offer.

[@johnstephenson6231]

@@Neutron66 Thanks for the info Ian. As my tariff ran out at the end of April I missed the March offer. I'll give them a ring tomorrow and see if I can persuade them to do this for me. Cheers.

[@alcurtis93]

I'm paying 13.9p daytime rate and 5p nighttime rate for my electricity until April 2023. Probably the best deal in the UK right now. Got very lucky with a renewal deal!

[@Michaellipmanactor]

Shell Energy wanted yesterday to put my DD up from 34.00-115.00!! I clear my bill every month giving me a zero balance. I pay the debt with my credit card and get points. No way would I or could I pay or find an extra 81.00 a month. They want to use me as a cash cow to earn interest. I’ll keep the money in my account and earn interest thanks. In short you do not have to increase your DD. Just keep your balance at zero and there’s nothing they can do.

[@Arsenal-81]

Time to rig the meters 😎

[@ministryofanti-feminism1493]

Tell me how!

[@adzs]

I switched to a fixed EON Next Online v12 tariff, which is 11% and 16% above the standard variable for electric and gas respectively - it was offered to existing customers. My logic is that while the rate is above the standard until October, it's during the summer months where gas usage will be low. When I fixed, the October rise was predicted to be around 25%, so at that point when we're using more gas for heating, the fix is cheaper than the standard variable rate.

[@TC-V8]

When did you fix please? I'm with EON next.

[@adzs]

@@TC-V8 Middle of March 2022. They're currently offering v14 of the Next Online package, which is more expensive than v12.

[@HoltMarkb]

My energy bill has gone up 500% !!! This is until October 2022! The energy company have decided, seemingly overnight, that we are now a commercial property - and should be charged as such - and are therefore not eligible for a cap!!! The reason being that we have a communal heating system for all the flats in our building? I will be calling them next week for an explanation.

[@HoltMarkb]

From 9p per KWH to 44.5p per KWH

[@paulstuart9465]

The control of cost for shelter, food and energy is the primary responsibility of government. Just exactly how are the vulnerable elderly etc expected to meet the cost? Perhaps sell their organs? Another step towards "you'll own nothing"

[@taniayager3361]

All by design. The WEF Elitist mainiacs want us all controlled by becoming state dependent and using their CBDC or dead!

[@memyself1566]

In America, selling your own blood has now become a regular form of income for some families and individuals. The money they are given us a pittance in comparison to the actual worth of the blood supply sold. It is very real and not anything of my imagination.

[@bdecreatorguy6060]

Can you do a video of benefit or not of going to Direct Debit cancellation and pay as you go

[@monk3yboy69]

You’ll pay a higher price per unit And they will charge an admin fee. Best thing you can do is pay direct debit but make sure you give a monthly meter reading . Your direct debit should NEVER cover the full amount so you should alway be slightly in debit . Then square up each month. If they try push your direct debit up, just say no.

[@John_259]

Am I being dense, but doesn't the length of the fixed tariff on offer affect the decision?

[@dorothy792]

Yes it does.

[@mediacityavid]

Dearest Martin. Please put your summary at the beginning. You can then waffle on to your hearts content. Summary at 9 minutes in viewers !

[@sewardo]

I have been offered a 1 year fix with an estimated annual cost (dual fuel) increase of 25%, am I right in thinking this is worth taking? Thanks

[@andypandy4987]

I seem to recall that last year you advised NOT to transfer to a fixed rate tarrif, wish I had ignored this advice !

[@monk3yboy69]

He told millions not to fix….. And here we all are ….. Thanks Martin. I did point this out to him .

[@doubledigital_]

wouldnt it be amazing it we elected people who had brains like this chap..

[@travelwell6049]

Martin Lewis does an amazing job and is a hero to the nation. But I don’t understand most of what is being said.

[@Anonymous-bn7fi]

Could you possibly do a video on the September student loan interest increase please. Thanks

[@Cornwall1888]

I was paying £70 That ended in April Did nothing currently paying £100 Cheapest tariff is £155

[@lin90210]

My company does have fixed available they say...my fixed rate ended exactly before the increase on the price cap

[@ianherd569]

Following your advice, I switched my energy provider to the one that offered th best monthly direct debit price. I was pleased. That happened last September and each month when they requested meter readings they informed me of my balance, I was still pleased as I was always in credit. In Feb 2022 my credit balance was about £120. In March my balance was about -£600. E-mails and phone calls have me no answers to where £700 had gone. All I got was load of old waffle. So, I guess that the Direct Debit quote was hook just to drag me in, rats.ok

[@neilgraves5069]

Its gonna be a long cold winter this year for many .

[@gwenp5886]

Thank you 🙏

[@HomeKeepingChannel]

My 2 year fix has just ended this month after only paying dual fuel of £52 a month for both Gas & Electric. Now I been told £153 per month with a £300 exit fee (£150 each on the Gas & Electric) will be my new fix if I choose to accept for my small 1 bedroom apartment? Guess I be sticking to living in my bedroom from October 2022 with no heating.

[@MaximusJohal]

Why is England always dependent on other services from other countries? We use to make everything in house now we have lost it all, if we kept up with it we'd be self efficient. Solar Panels have been around for over 20 years yet Government have nothing in place, it'll be the same when we go full electric cars.

[@zolalloyd46]

It would help immensely if the government could suspend the renewables subsidy on most people's fuel bills until the Ukraine war resolves itself and/or energy prices stabilise. The Business Secretary suggested that energy prices could continue to rise way above inflation for at least 5 more years. If that is remotely true then it could sink the country!

[@dodahspeak]

Zolo Lloyd. It can't go on. Its unsustainable now, let alone for at least five more years. If that hapenned it would go down in history as the greatest economic disaster in living memory.

[@melvinp1324]

see all these solar panels in the fields outside your towns - well they have been payed by us - yet with that free energy they charge us double now ! so play their game change from DD to standing order then you dictate the price

[@andrewbarnard667]

@@melvinp1324 that doesn't dictate the price.

[@melvinp1324]

@@andrewbarnard667 well DD can be changed by theem at any point - DUH - standing order is by me - i dictate the price now

[@waynedl99]

@@melvinp1324 no it can't, I set my DD, not the energy company. They often send me advice to increase my DD, and I reject it.

[@eddewhurst7662]

Does fixing give you price certainty? Could you pay a premium in the short term to fix, then the energy firm goes bust and you lose your deal and end up back on the price cap?