Martin Lewis' message to energy consumers as new Ofgem price cap takes effect
The MoneySavingExpert has issued advice to energy customers in the wake of the new Ofgem price cap hike, which has seen bills soar to an average of £1,717 from October 1
by James Rodger · ChronicleLiveMartin Lewis, the widely respected consumer champion and founder of MoneySavingExpert, has delivered a crucial bit of guidance to Octopus Energy customers as well as other energy consumers in light of Ofgem's new price cap increase. The surge in the price cap has driven average bills up to a staggering £1,717 starting from 1 October.
The influential financial guru, who hosts a podcast on BBC Sounds, was quick to react on social media platform X. Martin advised those following online: "If you are genuinely struggling, it's always worth speaking to the energy firm. And if you are vulnerable, also ask to be put on the Priority Services Register."
Following these words, came a retweet from Martin of a thankful Octopus customer's message from Tuesday, October 1: "Martin, I contacted Octopus and said I was struggling on a low income. They asked me to complete a budget, which I did, and they have cancelled my standing charge for 3 months. Always worth asking if you're struggling. Thumbs up to octopus."
In contrast, another user pointed out an unsatisfactory experience with a different supplier, writing: "Not with British Gas as if you can't email and we wrote to British Gas about five weeks ago, Martin, about estimates they never have replied."
On a positive note, a separate individual shared their success in securing a fixed tariff, stating: "Fixed last night Martin at 3am on my break on nightshift BG 1 year fix," as reported by Birmingham Live, reports the Express.
Customer commendations for Octopus Energy's service poured in from numerous clients. One happy user took to Twitter, stating: "@OctopusEnergy well done to you guys. One of many reasons I'm still a customer of yours."
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Meanwhile, another enquired about tariff updates: "When are the tariffs on cheapenergyclub updated? When comparing it still uses the pre 1/10 tariffs for my current contract, resulting in everything more expensive than what I'm on at the moment.."
Amidst these conversations, another person puzzled over energy pricing strategies, questioning: "If energy companies have fixed rates without putting up prices by 10% then they could have simply not put prices up on standard tariffs? " In a proactive move, one forward-thinking customer reported securing their rate, sharing: "Fixed today with E-on who was my price cap supplier - did it before the news from the Middle East which I can only imagine may make prices rise."
Household energy bills are set to surge by £149 annually following Ofgem's decision to hike the energy price cap.
The watchdog has increased the cap by £149, raising the bar from £1,568 to £1,717 for an average dual fuel bill in England, Scotland and Wales, translating to roughly an additional £12 per month for households.