Money Saving Expert Martin Lewis has issued urgent advice to Brits as the weather turns colder.
Appearing on ITV’s This Morning alongside Holly Willoughby and Philip Schofield, he warned about a 60 per cent price rise.
Chatting to Holly and Phil about the latest on the gas shortage affecting prices in the UK, he explained how many firms were currently providing gas to consumers at below cost price – and that is having an impact on the market.
And he said the risk that a company could go bust leaving people with no information to give to new suppliers means it is vital to go online now and get all your latest bill details.
He said that some predictions for how the current crisis will pan out could see up to 30 firms cease trading – which would leave around 10 providers of energy for the market in the UK.
He told viewers: “Wholesale gas prices here are up to six times what they were last year. So energy firms are paying up to six times what they were last year.
And that is a big problem, not just for gas, but for electricity, too, because much of the UK’s electricity production is now dependent on gas power. So it means energy prices as a whole have exploded.
To put that in context, the cheapest fixed deals that you can get today are 60 percent higher than those who got the cheapest deals at the same time last year.”
He explained to viewers about the energy price cap limiting how much consumers will pay, but also gave them key advice should the company they are with at the moment cease to trade – and to be prepared.
In a warning to viewers, Martin Lewis urged: “If you’re watching this, I don’t care who your energy provider is. It’s probably not an issue if you with the big six, but let’s do it anyway.
“If you’ve got an online log, go onto your computer, take a screen grab of what your current status of your bill is, where you are with the credit you have, and just grab the information.
“Because when energy companies go under, they do it very, very quickly without warning. And they tend to pull their websites down.
“At least this way – I’m not saying it make that big a difference – You have a level of protection on it.
And he also explained what happened if the company you are with goes bust. He said: “There’s a thing called the Ofgem safety net. And what that does is you will be it to what they call the supplier of last resort.
You’ll be moved to a new firm, and that will happen automatically, reports Wales Online.
“And you don’t need to do it. All you need to do when you know your provider has gone bust is take a meter reading and sit and wait until you’re told your suppliers be moved across.”
He says some people try and switch – but he recommends against it, and says you may as well go across to the new firm. He says to take a meter reading and do “very little else” until you know who your new supplier is and things have calmed down.
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