Martin Lewis: On an energy fix – will what you pay DROP due to the new fixed rate energy guarantee?

Martin Lewis's new video briefing on how it works. Please share with anyone impacted

[juefryer]

You don’t realise how much your support has helped so many people

[maejohl]

I am with Octopus. Was on the Avro variable rate (after they were taken over when Avro went under). On the MSE calculator advice I moved in late August to an expensive fixed rate (but looked that over time would be cheaper than the huge rises coming in). I also saw that this fix was not time-limited - I could drop out of the fix whenever I wanted, without penalties.

With the new price cap, I contact Octopus today to ask to be put back onto the variable rate - they did it immediately, no questions asked.

I have to say that Octopus really is a breath of fresh air when it comes to communication: send them an email, get a reply within a working day. (Had this twice now).

And no, I am not an Octopus employee or related to anyone in that company :D Just wanted to share my experience if it helps others.

[rogerdempsey]

Martin, I fixed my rate at the beginning of August with Scottish Power, for 1 year, at a typical yearly use of £3, 300 as my old fixed tariff had come to an end (was £1, 120 per year). I did this knowing the rate predicted for October was going to be around £3, 300 so thought it would be best to fix as predictions for January and onwards was going to be higher. As soon as the government said it was fixing at around £2, 500 I realised I was paying more than the current fixed cap so asked to cancel my fixed rate (which had penalty cost but stated if you change supplier). To my relief Scottish Power cancelled my fixed rate and put me on the current fixed rate which is saving me £100 per month, untill the new fixed rate starts in October. Very happy with the service from Scottish Power

[goozerman]

lastweek a meter reader came out, today i got my new bill my cost has doubled, i was paying £120 a month, as of next month its £245 a month, im house/wheelchair bound live alone my only gas use is my boiler, electric use only ever one light on but laptop on 24/7 needed depending on how well my morphine is kicking in, i charge my electric wheelchair daily, the only heat i use is a small heatpad, and my phoneline for telecare support theres nothing left i can cut, ive looked at these electric wraparound blankets cost about £40 not sure on daily cost, bring on winter, not to worry these big energy firms making record profits or the supermarkets never ending price rises, many wont get past winter.

[clusterbungle]

So glad you have clarified this!

I'm very lucky to have fixed on a cheap deal 2 years ago (because of your advice Martin so thank you!)

Knowing I'm in a very fortunate position I haven't dared mention my concerns to anyone, but I've been fretting over whether my cheap deal would actually be raised to match the new price guarantee rates. Such a relief to have this explained so clearly now.

Not looking forward to when my fix ends in May but at least I'll have benefited from the cheap rates for just about as long as I could

[neilbland]

Thank you so much for this Martin, with this and EVERYTHING you have done in the past and also in the future, myself and the country "Thank You" for all your time, devotion, dedication and caring and looking out for us all. Cheers.

[diannejones]

Very clearly explained. Thank you for all your hard work on this unimaginable situation!

[johnsonjan]

??? Thank you. I’m one of those who pays £1 coins into a meter to pay my landlord for my electricity usage. Please let me know how the government will help us. So far I’ve not heard anything other than vague assurances. Please find out for us. Who will pay us and when will we be paid? I’m elderly, disabled, and worried sick
Thank you for everything you do. You’ve saved me a lot over the years

[lmcast]

Thank you Martin Lewis for everything you do

[georgeridley]

Many thanks Martin. I have been taking your advice, up till recently, on the radio, but now I’m happy to see you visually, it’s nice to put a face to your voice. Best Wishes in all you do.

[philangell]

You deserve a bloody knighthood Martin. Good man! Cheers.💪🤛👍

[KlausRockwell]

Well done Martin. Your diligent work on this is saving lives.

[marcusherts]

A price cap is what France got at 4%
What we got is a price hike,
Cancel your direct debit, make a formal complaint about the price increase, do your own readings, & pay what you can afford every month, manually…I’ve been doing it for 20yrs..

[paulwhittaker]

Thank you to you and your team for everything you have done and doing for us all. I for one feel a little better now.

[sarahg]

Thank you so much Martin, you really are an angel!

[travelwell]

Thank you so much to the wonderful Martin Lewis. 🙏🏽

[rgraham]

Thank you ever so much for helping us all through this crisis, and making it more understandable.

[pfp]

Thank you for all you are doing Martin to help with our fuel bills.

[ItseezeWebDesign]

I earn good money, I live alone my DD is £60 per month and I’m currently using £30 per month, I’ve got solar panels but I’m preparing to be in the dark and to get cold this winter because I refuse to give the thieving energy companies one penny more than I have to! I’m stubborn like that! Roll on the spring and summer 23, hopefully I won’t freeze to death before we get there.

[eddierushworth]

Brilliant stuff Martin, i think i'm one of the few that fixed recently so this is great news, thank you so much for still fighting the fight 🙂