Martin Lewis says energy customers can get £132 off energy bills before January

Martin Lewis has explained how energy customers can get £132 off their bills before the January price cap. The warning from the ITV and BBC star comes as the UK energy price cap will rise in January, as per the Ofgem announcement today.

Mr Lewis explained: "Over the next year it's predicted you will pay a couple of percent more than now on average. The cheapest fixed tariffs available right now are around 5 per cent LESS than the current price cap. Therefore the simple thing to do is lock into a fix now to save money and guarantee no future hikes."

Mr Lewis, the Money Saving Expert star, also suggested considering tracker tariffs as an alternative option. These tracker tariffs follow price indices such as wholesale energy costs, with different providers offering various approaches.

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According to Uswitch, the current cheapest fix available is Outfox the Market's Fix'd Dual Nov24 v2.0, priced at £1,606 annually for average household usage. It would mean a £132 saving for customers who switch, ahead of the price cap rate.

Money Saving Expert's service identifies Outfox the Market as offering the best value, with rates 6.5 per cent below the current price cap. E.on's Next tariff follows at 5.6 per cent less, while So Energy offers a fix at 4.1 per cent below the cap.

Richard Neudegg from Uswitch said: "Right now, the cheapest 12-month fix is meaningfully lower than the January price cap and would save a household with typical usage up to £132 per year against these upcoming rates."

Campaign group Fuel Poverty Action has warned that thousands of people will die because they cannot afford to keep warm this winter. Jonathan Bean, spokesperson for Fuel Poverty Action, says: “Millions of us are freezing today in cold damp homes, as energy prices remain 65% inflated and 2.5 million low-income pensioners lose heating support. Many will end up in hospital, and thousands will die.

“Ofgem pricing punishes the most vulnerable, with four times higher pricing for those with only electric heating, and cruel standing charges. Energy firms exploit the millions stuck with only storage heaters, whilst giving the cheap energy tariffs to affluent households with electric vehicles.

“The Labour government needs to fix our cruel and dangerous pricing system, which is harming millions of us whilst gifting energy firms billions in profits."