Consumer advocate Martin Lewis has issued a warning to energy customers, urging them to review their fixed rate deals due to concerns of potential price surges.
Lewis has alerted households who are currently “locked in on costly fixes” that they may face significant rate hikes following the expiration of the government’s Energy Price Guarantee subsidy on 1st July.
To prevent bills from exceeding Ofgem’s new price cap of £2,074, Lewis advised households to promptly check if their fixed rate deals have been altered.
If the revised rates greatly surpass the price cap, he suggested considering a switch to their provider’s price cap, taking into account any applicable early exit penalties.
WARNING: On an energy fix CHECK NOW if your price just rocketed. On Sat, those who locked in on costly fixes – usually c.1yr ago – lost the govt ‘Energy Price Guarantee’ subsidy. If so you will see rates jump to substantially more than the price cap rates (see end of this tweet)…
— Martin Lewis (@MartinSLewis) July 4, 2023
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