Martin Lewis: What the Energy Price Cap change means for you

Includes how much you’ll pay, standing charges, new rates, prepay, direct debit, should you top up, future predictions and more

[@mikadavies660]

The current standing charges are a disgrace. Paying close to £1/day for nothing other than a connection to your house... Shameful

[@wojciechtaflinski]

Yes it is well said.

[@agentsmakem424]

Yes no control for poverty stricken householdsas it stands. They’ll never drop costs to any level we’ve seen before now. Just like petrol & diesel, they raise it by 50p, and we all jump for joy when they regulate a 5p reduction

[@neilgb14]

*The standing charge is a total rip off.*

[@Dynasty1818]

As usual, most don't understand what it's for so just whine about it. Too many have no idea the work required to maintain and expand energy networks. Remove the standing charge? Ok, now go fix that broken terminal or damage line that pigeon landed on or whatever yourself. Go ahead. I'm sure you know what you're doing.

[@kanedNunable]

​@@Dynasty1818 as usual some cnt will come and simp for the tories. i bet your think privatisation was a good idea too?

[@testpilotian3188]

@@Dynasty1818 the standing charge total income from all domestic properties nets whoever receives it £13.25Million a day (that doesn’t even take into account the horrendous standing charges industry is charged), are you seriously trying to say the national grid costs that much to maintain on a daily basis? Cos if it does I’d love to see a breakdown of just how that money is spent, on a daily basis.

[@clovermark39]

Will a meter be less expensive to use for gas? I am really struggling and if we don’t have any help next winter not sure what to do. Would have to cut the gas supply totally and just convert to calor gas for cooking.

[@susanashton1290]

Agree, Grossly overpriced. , l am a low energy user and my standing charges are ( at times) more than my usage Back in 2010/2011 l had a tariff with Southern Electricity which was no standing charge but a slightly higher unit rate. It made such a difference to my bills but l suppose, if the energy company aren't draining you of your cash, they have to set it up for them to always benefit finaciallyy

[@leel9186]

You really are a gift to our country Martin.

[@PF-gi9vv]

Oh no he's not, I have a gift, I can see he's being paid by our government to seem like he's on our side. The guy lies to us. When the energy price first went up, he blamed Russia, he knows it wasn't Russia and not many people knew it, but he pushed the lie.

[@leel9186]

@@PF-gi9vv You are one of the tin-foil hat-wearing people, aren't you? This is what happens when your carer leaves you unsupervised access to the internet.

[@salman501]

Sounds like paid comment

[@-BY205]

Only one...😂. He should be PM .... He would say.. I don't have the skills.... But he has more skills than most world leading uk 🇬🇧 politicians 😂

[@agentsmakem424]

kzbin.info/www/bejne/iGTFoGCplLSMarM

[@andrewstafford-jones4291]

My Electricity Bill for May was £12.23 Standing Charge but only £2.17 for actual Electricity. The Standing Charge is 563% of the units used. We are being ripped off as the regulator knows that as unit prices fall the utility companies will be protected by the scandalous standing charges. END THE STANDING CHARGES. PUT THE STANDING CHARGE IN THE UNIT PRICE SO THE LARGE USERS PAY MORE- NOT THE LOW USERS.

[@grumblewoof4721]

How can you use on £2.17 of electricity in a month ? that is just 6 kwh, or 200 watts per day... that's like running a 25 watt light bulb for 8 hours per day. Not even enough to run a TV, forget boiling a kettle of water or making toast.

[@jagman84]

Mobile home?

[@dabe1971]

The counter argument is that is unfair on those high users due to essential medical equipment

[@stevesretroloft]

@@grumblewoof4721 He could have solar

[@grumblewoof4721]

@@stevesretroloft Indeed but he didn't say. If he has that much solar then he doesn't need the mains electricity, save himself the standing charge. He might use candles and a calor gas hob and water heater.

[@eldrinod]

You are doing a great job, Martin - so good to see someone who actually cares about people and I, for one, really appreciate all you do for us.🌟

[@wojciechtaflinski]

This is a well paid job not like working on warehouse or pick and pack. So my question is it enough? Not at all. People on position like M,L cars only for them self necked truth. Do you think that ge is worrying of his energy bills?

[@mgrimble3975]

Whole sale gas prices are 30% less than they were 2 years ago. Prices are still 80% higher

[@Sun-ei4gi]

Utter madness. Some Back dated refunds are in order if that's the case 😂🙈

[@Sozbear]

Companies don't buy at the daily price but the months ahead price. they are much higher. If they buy it today they can't actually store it. Much more complicated than conspiracy theorists would have you believe. Be cautious and sceptical but don't become one of 'those' people. Review the evidence first. That's what Martin does.

[@SunakStarmerisacunt]

@@Sozbear they're still ripping us off.

[@chrisbates7743]

It’s a Europe wide fraud, the “market” rate is fabricated by the energy companies at the highest rate. Their is no market it’s a fallacy.

[@simaccormack3937]

Look at Finland's energy.. they have too much so prices have collapsed to negative.. Corruption and greed is the UKs problem.. you privatise everything, then it's run for profit, not the people..

[@KrisRogos]

Standing charges not changing are horrible, this is the warmest and brightest quarter where people will be using very little energy and gas. They really need to look at this, especially for small or low income families it is ridiculous how big a portion of their bill has nothing to do with their usage.

[@paulhank7967]

We're paying for the net zero garbage via the standing charge.

[@ArtyFactual_Intelligence]

@@paulhank7967 That's self-evidently rubbish. The component for reaching net zero can just as easily be accommodated within the pro rata charges. You are just on your hobby horse.

[@paulhank7967]

@@ArtyFactual_Intelligence Garbage. Factored into the standing charge are green energy transition contributions. Wind energy and solar farm subsidies. And bail out taxes. Yes we, the people are paying for the green energy transition and for the rescue of energy companies bailed out by the government over the last 2 years. Its not itemised in the detail. Why? Because it keeps people like you dumb to the fact. If it was common knowledge there would be more resistance and push back. £350 a year just to be connected. Absolute bargain. And net zero is absolute bollox. Those turbines come at an astronomical cost. Both in manufacture and maintenance.

[@agentsmakem424]

kzbin.info/www/bejne/iGTFoGCplLSMarM

[@workinprogresssince1974]

The annoying thing is that it isn't the charges that are the problem, it's the daily charges! I hardly use any energy now (£43 pm bill now), but the daily rate means that my bill will hardly change because most of my charges are for the privilege of being connected to the system.

[@helenswan705]

that's exactly what he is saying. Rip off, isnt it.

[@workinprogresssince1974]

@@helenswan705 Well it's certainly nothing to get excited about. Once again, it's the system demonstrating that it isn't there for the consumer but is ensuring it's maintaining it's own hefty profits. :(

[@dawncole551]

Many thanks Martin for pushing back - please keep going 🙏

[@LeornianCyng]

It’s still unnecessarily, unacceptably and ridiculously high. Energy needs to be re-nationalised asap.

[@john3Lee]

Its great to have you batting for us - much appreciated, and thanks

[@danielq250]

We all love you so much Martin for all you do for us, I as im sure many people do would love to see you as PM, or at the very least Chancellor! Thank you from all of us that you have helped and continue to help ❤

[@marcuskilvington8132]

Great video Martin, simply explained beautifully

[@rolandburke2569]

You are doing a great job Martin. Thank you.

[@mrichards55]

The standing charge just seems to buy poor customer service. SSE are dreadful.

[@Dynasty1818]

SSE have always been awful, nothing to do with standing charges.

[@SunakStarmerisacunt]

@@Dynasty1818 again, you are showing your lack of reading comprehension.

[@lynn605]

Thanks Martin, wish you were in charge!

[@mistery00t29]

No matter what the drop in price is,is still a lot of money for nothing!

[@ghengis430]

Regulator! That's a joke. The bit about people just above benefits level is such a salient point. Apart from being disgusting, it serves to divide us all further, and as they are worse off,no wonder. We need a proper regulator, tiny daily rates, and a universal living wage. ( oh, and a govt that actually takes representing its voters seriously). Thanks Martin, youre a great advocate.

[@tomthewanderer]

Thankyou for the continued updates it is appreciated

[@ollyb7570]

Martin Lewis for PM please

[@helenswan705]

I think he has more sense than to get into the danger game that is politics.

[@muhammadalkathir7842]

ill vote for him rather than the current pm and cronies

[@LilySaintSin]

He can do more good if he's not PM.

[@asadzeethree2726]

Unfortunately, he's not good at lying, so he won't be able to take that position!

[@Miss_Lexisaurus]

The standing charge is such a disgrace, thank you for lobbying and doing so much work for average Brits.

[@butterflydiva1]

Thank you Martin. You advice is golden x

[@Taylor___]

Thanks Martin, very clear.

[@terriblegamer9267]

Can you be in charge please

[@mr-wx3lv]

The standing charge is an absolute disgrace. To think you're paying for the privilege of being connected to the utilities in the first place. Are we the only country that does this?!😢

[@suewright1299]

Very many thanks indeed Martin, a very helpful video for certain!

[@Rapid_GT]

Its the standing charge that's killing it, its a cash grab and they're hanging onto it, greedy providers and I'll be altering my DD as I need to.

[@Cam_MacDonald]

Martin, you are a gent! 👍🏼

[@julias-shed]

We weren’t consulted when they put the standing charges up. Useless regulators 😟

[@Sun-ei4gi]

Thank you 🙏🏻

[@heidistinton9213]

ps martin thankyou for all people you help.❤😊

[@paulcoverdale8312]

Thanks for the heads up Martin

[@CFCDanielS20]

Thanks you Martin Lewis we still on the Sept 2021 per kwhs rate :) we are locked in until August 2024.

[@djappnew]

What worries me, if they can drop the energy cap by 17% and hopefully even more soon can't energy companies keep the daily charge at an inflated price or even increase it to help offset the the revenue they will lose for Pound per KW? This needs to be looked at it big time!

[@petersimms4982]

Thanks Martin 😊

[@andrewstafford-jones4291]

The Standing charges have increased 64% in the last 3 years and that's before the last increase of another 10% or so

[@Zolitare]

Hi Martin, Will this effect the price of electric at Public EV Chargers? or are we just going to see rises all the time now?

[@Glan432]

Thanks for this!

[@GG-ct2bb]

Thank you so much!

[@joep1212]

Bless you Martin . Thank you for fighting this wicked corrupt government for us

[@nickjung7394]

It started with Blair!

[@hassana22]

Thank you

[@papichuckle]

I'm using a edf smart meter and noticed on the 22nd of june the cost of electric that we'd usually pay everyday shot up. So even though the price cap came down the removal of the energy price garuntee Means we are actually paying more than we did before, so it's actually got worse

[@guardcharlie2576]

Its a disgrace againat humanity, these charges are disgusting, absolute total greed on these big companies energy is still way too expensive

[@autistonaut]

Fantastic, my savings on energy bills comes just in time before they start hiking water rates.

[@lin90210]

Eon allows a fix for existing I heard and it's the same as variable...so what is the point?

[@user-rc9kc9bu9t]

Keep up the good work

[@mulasabegum4596]

You are great 👍 I get all information

[@steve_787]

I can’t figure out why elec drops by 10% but gas drops 25%? Given we are moving into warmer weather gas usage will drop off massively anyway so the savings are minimal. Also, what is the electricity unit based on? I know it’s the highest cost to produce per kWh but is that gas, coal, hydro? If gas, then why hasn’t it made more of a difference to the unit rate if it’s come down 25%? The system needs to change and suppliers charge an “average” of the cost to produce/buy.

[@metube9541]

Yay, brilliant. A price drop just as we go into spring and summer so using less electricity. You think this winter was expensive, wait and see what’s coming. 😱

[@SimonPlatten]

@Martin Lewis, we switched our energy provider several times, we have found that EDF gave us a direct debit amount to get our custom then after 12 months put our account £1,233 in debt. We have always had a smart meter. We feel ripped off, because EDF never once contacted us to inform us our direct debit was wrong or needed adjustment. Also another thing we discovered which may be EDF specific, the smart meter is not so smart, the financial figures are not accurate at all because the device does not use the current unit price, the only thing that is accurate is the KWH figure.

[@clovermark39]

I have heard so many compla8nts about these smart meters. I am so glad we are not forced to use them.

[@SimonPlatten]

@@clovermark39 presently they aren’t smart at all.

[@anonnymous4684]

Never EVER use Direct Debit to pay energy bills. You're literally giving them carte blanche to help themselves to as much of your cash as they please. I use standing orders to pay for my energy which means that I always stay in control. I don't get the preferential rates but but neither have I ever had 'bill shocks' that I see so many talk about with DDs.

[@memyself1566]

We are still being ripped off. Giving us £66 a month was pathetic - it’s what we’ve paid out in our taxes anyway. The real solution is to make the power companies charge less - but governments in the West are not that powerful. Corporations and banks rule, and governments do what they are told.

[@jagman84]

Meanwhile, wholesale prices have plummeted so the suppliers are making an absolute mint.

[@davidharrison7494]

In 2022 the cost of my electricity supplied by British Gas increased by 75% to 36p per kwh compared to only 12p that I was paying at the start of 2017. During the past year in France the government capped the increase in energy prices to 4% by fully nationalising EDF which simply goes to show th

[@worldofrandometry6912]

So prices are dropping in July but we'll be paying more this winter. Lovely!

[@zeeredrobin7403]

I'm on a coin meter for my electricity, will decrease as well?

[@smellslikebacon]

What gets me is that we are being charged as a "typical use" household, which is a small two-bedroom flat with no gas supply, and being charged upwards of £300 a month, which is extortionate, especially now that the heating is now no longer being used, we switch everything off at the wall when not using it, and use the washing machine at a night when we're meant to be on the Economy7 plan. Every time we have raised the issue with Eon, they just say that's the bill. No offer of help or support, just dictating that we need to pay it.

[@krishollow]

We have all our windmills and heavily invested in going green :) I'm not worried

[@squibys2262]

The problem is now these companies have a taste for easy money they will not give it up, not a chance in hell unless they are nationalised. I dont care what the laws are they should be confiscated not bought back either. If that destroys our ability to attract business in future so be it, this isnt the type of business we need. They havent got our national interests at heart. Critical infrastructure should never be controlled by anyone outside our borders not even our neighbours.

[@neilryan6469]

Any news of business energy?? Do you know when that will that come down?

[@lars2007]

Wonder what I’ll be paying as I’m off peak which has day time rate it’s £0.54 per unit electric

[@tel666999]

Agree with so many things. Direct Debit, get it changed asap! For me, Food, Energy are all profiteering,

[@caterthun4853]

If you are changing from gas to heat pump. You can add £100 a year saving by removing the gas standard charge.

[@sbeattz277]

Just raised a complaint with British Gas. Noticed my energy usage £ daily had shot up. 26th October my bill was correctly based on the capped amount of Gas: 6.832p per kWh (Northern, cash/cheque basis) and Electricity: 26.643p. all of a sudden ive noticed my rates are showing as Gas: 7.726p and Electricity: 29.270p, well above the price cap rates in the T&C's. Agent was arguing that my rates can go up because it's a Standard Variable!?!? 🤷‍♂️

[@cpuuk]

Can't believe we are getting excited about a price alteration that changes our bill from rip-off to extortionate 😕

[@lukesaunders9321]

So these companies are still quick to hike the prices when oil is high and very slow when it lowers. How can we allow companies like BP who have made record profits continue to treat the public like cash cows. Raw cost of energy is so low we should be paying pre Russia prices. I've yet to see this being questioned with any authority, the lag effect seems to just be a lie spun by these companies

[@TheMagicJIZZ]

The prices rise because the demand is high The companies don't hike. It's elastic demand but it takes months yes for wholesale to change retail

[@SunakStarmerisacunt]

@@TheMagicJIZZ naive.

[@Pete.Ty1]

👍👍👍Thanks.

[@edwinfitchett6033]

well Ovo haven't emailed to tell me what the new variable rate is but have offered me a fix at the current high rate telling me that variable rates are more likely to go back up not down

[@RampinRabit]

Im about £600 in credit and I asked EDF for a refund in April and they refused saying I have to wait until September

[@thedigitalidiot]

Hey Martin - thanks for your videos and keeping us up to date in simple terms! Keep up the good work. I have a question after hearing about Germany being in a recession - what do you think is the risk of the UK falling into a recession? It seems a lot of people are being priced out of rent price increases - leaving people further stretched and probably not spending as much money as before . ie. less dining out and so on?

[@susanross1651]

I can’t understand why meter charges have gone up so much, especially for those like me on smart meters, as they now don’t even need to send someone to read them & they have full control?

[@Chris-hy6jy]

We don't need "targeted support", we need lower prices and competition in the market!

[@ArtyFactual_Intelligence]

Targeted support is only necessary because the Tories have created a huge division between rich and poor. And competition in the market has only caused prices to rise.

[@gore5542401]

Prices have doubled and now the whole sale price is at all times low. Wow what a saving of 17%; government and everyone in charge is just corrupt.

[@suededogs9670]

I have electric only from E-on. I live I a 1 bed flat , I am in credit to them after their monthly charge of £235.00 a month. Yet they say they are still Going to take 235 a month ( no discount for me ) so I " don't get in debt over the winter months " WTF ? So if they are telling all their customers this - they are making a killing yet again. Can't ever ring them , they close by 5pm , 4pm on a Friday- not open at the weekends. They DONT WANT you to phone them. Being charged £300 a year for having an unused gas connection.😢 it's breaking me paying this much .

[@Neios9]

Martin didn't mention how long is this new regulator price cap deal in place. Guessing a year???

[@kenmerry2729]

Now tell us why it's not lower as the gas price has dropped much more and that OFGEM are a bunch of cripples!

[@drajcoshi]

How this effects Northern Ireland?

[@gerrypippin2263]

Me too!

[@carolined5923]

What I do not understand is why the energy companies and regulator are not also quoting a price per Kwh ( Kilo watt per hour), its like telling someone the total cost of their shopping bill without telling them how much each item is, it is concealing the price but why ?

[@kingofwales3953]

Hi Martin you say the daily standing charge will remain the same from 1st July sad to say but that's not true. My energy firm one of the big five same for gas and electricity has raised their daily standing charge for it's electricity by 0.08p from 58.92p to 59p that might not sound like much but yearly that is 29.2p extra times that by their customer base of approximately 3million homes not including businesses equates to £870,000 annually. Now I dont know what they're charging on their other payment methods but I'm on a prepayment meter and the standing charge is only shown on said electric meter as per weekly charge of £4.13 there by hiding the increase in my opinion because a lot of people wont/cant check or accept that the amount is correct. The gas prepayment meter has stayed the same as it shows the actual daily standing charge amount. So if you are correct that means my energy company is stealthy profiteering off their most vulnerable customers.

[@craigstewart8191]

Great work Mart, thx for the info

[@helenswan705]

and after July???? great, most of us will have turned the heating off. But if it helps with the standing charge, that will be good for all of us.

[@gerrypippin2263]

STOP STANDING CHARGE

[@Dynasty1818]

Learn what they are before you call to remove them, as usual people don't think or read before shouting.

[@SunakStarmerisacunt]

@@Dynasty1818 pot kettle. I'm sure he's well aware of what it is you bell-end.

[@helenbaker1117]

Standing charge, admin charge, all phrases allowing companies to steal from us.

[@veronicaalessandrello1022]

Martin, can we find out if we, the public, are being extra taxed with the energy bills just to keep AI in its job? There's been an acknowledgement that AI and ChatGPT consume heavy energy.

[@navinthapa7545]

Hi Martin How can I buy shares in a complaint?

[@Parafinn1970]

Don't ever be in charge - keep fighting for the people.....

[@johndyda5673]

You said the daily standing charge is 53p for electricity. My bill from British Gas this month says it's 68.836p per day!???

[@PXEZYRVP10]

Hi all, I hope someone can explain something to me. I live in rented accommodation basically a standalone annex next to the main house. I have an electric meter which was installed in December last year. Every month landlord takes a reading and in February 2023, price was 34.23p/kwh(inc. 33.43p EPG discount) , this based off an email screenshot he forwarded me from Octopus Energy. Last few months, I was paying the landlord, meter reading x 34.23p/kWh which i would bank transfer to him every month. Fast forward to June 2023(two days ago), landlord emails Octopus Energy and they inform him the price is 50.92p/kWh, so almost a 16.5p (49%) increase. I quired with the landlord and he said, it id because the guarantee has been removed. Questions I really have are: 1. So does the removal of the energy proce guarantee and lowering of the cap mean higher bills? 2. Is 50.92p/kWh really the best market price or is my landlord and by extension me being shafted. 3. Any suggestions would be welcome. *Note: all the prices above excluding standing charges.

[@AndyPerry1972]

Really doesn't sit right with me. Before last year, I was paying about £230 per month for Gas and Electric. It had been the same for many years and at the end of each year I was owed money. My mates all thought I was paying extortionate monthly costs. Since most of the energy companies then went bust, and good old British Gas stepped in to take all the customers, I have gone to receiving a bill in March saying I was over £300 in debt, which I paid in full and then a couple of weeks later I got the May bill saying I was over £1,000 in debt and they increased my Direct Debit from 228 to 438 per month. That is a heck of a lot more than the so-called 19% that the bills were supposed to have gone up in April. For some reason my usage shows astronomical figures in March and April, with absolutely no reason for it to go up that much. I guess this is where a lot of this £1300 extra debt has come from but I have asked several times if they can check my meter (they even refused a reading online the other month as it said it was much higher than expected) but they never followed it up and now I seem to be left with this huge bill. I asked them to reduce the DD back to what it was (almost) as usage ALWAYS goes down in these summer months and indeed I can see from my app that the usage is now so low that there should be about £60 per month clear from the DD amount. Of course it isn't going to clear the debt and I doubt they can do anything now about the usage back in March and April which I am frustrated about as when I complained, they just sent me back to the online chat and I just got the same robotic responses. This news is kind of a life saver for me. Hopefully it will make a reasonable dent in reducing the debt before I have to pay the balance. I can pay the bill now from my savings, but something just sounds fishy to me. As soon as I can, I will be switching

[@lisadefries6718]

I have just fixed with EDF . Slightly above the Standard rate for July. But for me it’s emotionally and practically worth it. I may end up paying more over next 12 months but at least I can relax on topic. Surprising how stressful topic was last year. I don’t trust politicians/ economy doesn’t feel reliable and with Ukraine war we now all realise if we didn’t before that we don’t live in an economic bubble

[@Bungle2010]

It was widely expected that prices would fall in October so I'm not sure why you did that. I'm with EDF too, on the Standard Variable tariff. It seems to be uncertain exactly what is going to happen to prices over the coming months - there's a gas strike in Australia that they say may affect world prices, so I'm thinking of grabbing a fix too (especially after what happened last winter). The ones being offered by EDF dont look that appealing to me though. I'm actually thinking of switching to So Energy whose fixed rate is lower than EDF's fixes and the their October variable rate.

[@madelinefee7541]

What about Northern Ireland?

[@andyclack4578]

Were being ripped of due to the higher standing charge

[@seewhatifound]

Whoppee I'll be saving 12 p a day.. . Like many here I find the standing charge obscene, only goes to providers who are now using those funds to branch out into providing things other than energy (and increasing their profit along the way)

[@katiebuck132]

This time last year I paid £47 per month …. after being moved to Shell Energy and my monthly payment went up to £247.00 per month… it broke me 😖

[@IrishScribbler]

The scumbags at OVO are claiming I used £158 of electricity in just 18 days earlier this year, which I’m struggling to understand exactly how why I don’t have a washing machine, a tumble dryer, a cooker or a bath, and I live in a one bedroom flat. They are a bunch of rip off merchants. 🤬

[@davidmcdowell3533]

01:05 "They could go cheaper. They don't." Yes, "they" are very greedy indeed.

[@wayneholland4703]

👍

[@christopher554]

Scottish power just email me to say there prices our going up in July I thought they were coming down ,not up it’s a joke the regulator is on the energy company’s side not the people ,the government will pay a high price at the election 🎉

[@bushkat1]

The price cap means people like you Martin, from the LSE can make more money.

[@-BY205]

😂. He should be PM .... He would say.. I don't have the skills.... But he has more skills than most world leading uk 🇬🇧 politicians 😂

[@Monsoon-sd6vr]

We need to "nag, nag and nag" our MP's why are they not addressing subjects such as "Standing Charge" or on another issue VAT on fuel - keep writing to your local elected reps !!