Martin Lewis advises households to consider fixed energy deals

Martin Lewis, founder of Money Saving Expert, has advised households on standard energy tariffs to consider switching to fixed deals to avoid potential price increases during the winter months.

Analysis suggests that the cheapest available fixed deals are currently approximately 8% below the existing price cap and roughly 11% below the cap expected to take effect in October. While the January price cap is forecasted to rise by more than 10%, Lewis noted this prediction is not certain. He emphasized that for most households on standard variable tariffs, securing a cheap fix now is likely more beneficial than waiting for a potential drop in wholesale prices, which would require a substantial and rapid decline to beat current fixed offers.

However, Lewis cautioned that fixed deals are significantly more expensive than they were earlier this year. Market uncertainty remains high due to elevated wholesale energy prices and geopolitical tensions in the Middle East.