Martin Lewis issues one-year warning to British Gas, Octopus, OVO, EON customers

Martin Lewis has issued a one-year warning to British Gas, Octopus Energy, OVO and EON customers. The Money Saving Expert founder and newsletter scribe's warning comes after the latest Ofgem price cap was confirmed.

In a guide for consumers, BBC and ITV star Mr Lewis said: "There are several other open-market one year fixes available, that are all about 4% to 6% more than the current July Price Cap, including deals from Octopus Energy, Ovo, British Gas and E.on Next."

The rise in the Price Cap from 1 October is largely driven by higher unit rates. However, standing charges – what we all pay just for the facility of having gas and electricity – will increase slightly, from an average £334 a year to an average £338 a year for Direct Debit customers. That's what you'll pay before you even use any gas or electricity.

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MSE said: "The current predictions from analysts Cornwall Insight are that after the 1 October rise, the Energy Price Cap will rise again by 3% in January 2025 to £1,762 a year for a typical household. We don't yet have predictions beyond March 2025 – though the further out you go, the more crystal-ball gazing it is."

The Labour Party has been quick to lay the blame for the energy price cap rise at the feet of the Conservatives, which it said was “the latest in a series of toxic Tory messes left to Labour to clear up”. A Labour spokesperson said: “This price increase is the harvest of 14 years of Tory neglect and failure to prepare and invest in British-owned clean energy.

“While they were quick to blame everybody but themselves during the energy crisis, the Tories dragged their feet on energy security and took a hammer to the renewable energy sector, with working families still paying the price.”