In this week’s Money Matters column, Housing Plus Group’s debt and energy manager Dan Bebbington explains what this could mean for households and provides some timely advice to help you feel more in control.
The gas market price paid by energy suppliers is sharply rising due to the conflict – and it’s this rate which is the key driver of UK electricity prices, which means if it continues, will likely hike up the Energy Price Cap from July.
As a result of this, Martin Lewis is urging households on an energy price cap to get off it as soon as possible and instead get a cheap fix.
However, the cheap new fixes that have been available over the last few days have either been pulled or repriced much higher, so if you are going to do this, I would echo his advice and make sure you do it as a matter of urgency.
Fixing now will also mean that the rate you lock in at will reduce on 1 April because of the Government changing to cut certain energy-related levies off consumer bills and instead, into general taxation. This will reduce the electricity and gas units, even for those already on fixes.
It’s worth noting that sometimes the best deals aren’t advertised, so it’s worth giving your supplier a call and asking whether they have existing customer fixes, can offer you a loyalty rate or if they have a lower-cost fix than the standard tariff. A two-minute conversation could save you both money and worry in the months ahead.
It’s a fast moving situation so keep an eye on the news and websites such as moneysavingexpert.com and comparison sites such as GoCompare and Uswitch for all of the latest and up-to-date information.
If you are concerned, our team is here to help – and Housing Plus Group’s customers can contact our dedicated Energy Advisor, in partnership with the Cadent Foundation, for advice and support.