Martin Lewis urges immediate switch to fixed tariffs as energy bills rise

Martin Lewis, the founder of MoneySavingExpert.com, has issued urgent advice to households as Ofgem announced a 6.4% rise in the energy price cap effective April 1, which will increase the average annual bill from £1,738 to £1,849, adding £111 to yearly costs. This increase marks the third consecutive rise in the price cap and is attributed to a surge in wholesale energy prices. Lewis highlights that approximately 80% of households are currently on standard variable tariffs, which are affected by these changes, and he strongly recommends switching to fixed tariffs to secure lower rates, as the cheapest fixed deals are currently about 4% less than the cap. He emphasized the importance of acting quickly to lock in these rates, as many deals are expected to be available shortly. Additionally, he urges consumers to utilize comprehensive comparison tools to find the best offers in the market, as some suppliers may not be included on certain platforms. Lewis warns that these fixed rates are likely to become even more advantageous once the price cap rises, making it crucial to act before the increase takes effect.