Martin Lewis urges UK energy customers to lock in fixed deals as prices set to jump
Martin Lewis warned customers of OVO, E.ON, Octopus and EDF to secure fixed-rate energy contracts as a forecasted 25% price rise could add about £427 to January bills.
A Bloomberg Economics projection ties a predicted 25% increase in UK energy prices for January to escalating conflict between the United States and Iran, which has lifted wholesale fuel costs and could raise household bills by £427, taking the price cap to £2,150. Personal-finance specialist Martin Lewis urged customers of major suppliers such as OVO, E.ON, Octopus and EDF to consider fixed-rate tariffs, noting that while he cannot guarantee savings, they represent a cautious approach.
He highlighted the cheapest current offers, including Sainsbury’s Energy at £1,646 annually and Outfox Energy at £1,676, which may save households about £500 compared with the capped rate. Uswitch’s Sabrina Hoque warned that fixed contracts bind consumers for 24 months and could appear less attractive if the geopolitical tension subsides. Lewis also advised shoppers to use comprehensive comparison tools and warned that energy prices are expected to remain elevated.
Why it matters
Rising energy costs could deepen the cost-of-living crisis for millions of households.
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