Martin Lewis tells OVO E.ON Octopus EDF customers ‘make sure you do it’

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All you need to know as personal finance expert reacted to ‘£427’ warning about major change coming as fuel situation gets worse

Energy bills need to know: 25% surge forecast for January amid US-Iran tensions

• Energy bills are set to soar by 25% in January, adding an extra £427 to household costs and pushing the price cap to £2,150.
• The dramatic increase is being blamed on Donald Trump’s escalating conflict with Iran, which has driven up wholesale gas and electricity prices across the economy. Bloomberg Economics forecasts predict the bitter blow will hit millions of families already struggling with the cost of living crisis.
• Personal finance expert Martin Lewis has urged customers of major suppliers including British Gas, Octopus Energy and ScottishPower to take immediate action. He warned that fixed tariffs could offer protection, saying: “I cannot say fixing if you’re on the price cap will definitely save you, but it is absolutely the risk-averse thing to do.”
• The cheapest fixed deals currently available include Sainsbury’s Energy at £1,646 per year and Outfox Energy at £1,676. If predictions prove accurate, these tariffs could save households roughly £500 annually compared to the January price cap.
• However, energy expert Sabrina Hoque from Uswitch.com cautioned that fixed deals lock customers in for 24 months. She warned they “may look far less competitive in a year if the US-Iran conflict de-escalates.”
• Martin Lewis advised consumers to use whole-of-market comparison sites to find the best deals available. He predicted energy prices will remain high, stating: “It’s definitely going to rise. It’s probably going to rise quite substantially.”
• READ THE FULL STORY: Martin Lewis September ‘make sure you do it’ for OVO E.ON Octopus EDF customers