Martin Lewis warns British Gas, OVO and EDF customers ahead of price cap change

Martin Lewis has issued a warning to British Gas, OVO and EDF customers ahead of Ofgem price cap changes.

The money-saving expert took to X (formerly Twitter) to warn energy customers that Ofgem energy price caps would not fall as much as before.

The cap will drop by 12% on April 1, followed by a further 7% drop expected in July.

However, the cap could rise more than experts predicted in October and January, according to independent energy analyst Cornwall Insight.

“Overall, next year, on average, you’ll pay 15% less than the current price cap once seasonal use is taken into account. There are cheaper fixes than that right now (more on them later), “Mr. Lewis said.

“It said the change in forecasts was due to relevant wholesale rates (these are not spot rates but future rates) being slightly below recent lows, coupled with some changes from Ofgem allowing businesses to recoup more costs for those unable to pay their bills. Customer support.”

Mr Lewis said the forecast was as follows:

April 1: Confirmed price caps have fallen by an average of 12.3%, so you will now pay £87.70 for every £100 of energy used.

July 1: Forecast price caps fall by an average of 7.7% (expected to drop by 13%). So now for every £100 you pay, you’ll pay £80.90.

October 1: Price caps are forecast to rise by an average of 4.6% (Estimated to rise 4%). So now for every £100 you pay, you’ll pay £84.70. –

January 1, 2025: Price caps are forecast to rise by an average of 0.2% (new forecast). So now for every £100 you pay £84.80)

Although the updated forecast pointed to an increase in wholesale rates due to the rate increase, social media users expressed skepticism about the news.

“So energy prices are going down while fixed charges are going up. I’m still paying more every month because my energy usage is lower. How is this fair?” one wrote.

Another said: “It’s still surprising that they start to pick up as the colder months approach again. A more cynical person might have looked at it the other way. Who would have thought.”