Do nothing. Don’t switch energy firms. Inaction is the best action right now… unless they’re trying to double your monthly direct debit payments.
The energy market is in crisis; prices are rising and energy firms are falling. The cheapest fixed deals cost twice what they did a year ago. The energy price cap went up 12% this month (13% prepay) and more rises are expected.
It’s all due to an explosion in the cost of wholesale gas – and because in the UK we often use gas to generate electricity, the price of that is up, too. No surprise many people are panicking and I’ve been swamped with questions – so let me run through the most common ones (please note, my answers are correct at the time of writing).
Q Now that prices are rocketing, should I be trying to bag myself a cheaper energy deal?
A No. Do nothing – the energy price cap is the cheapest deal. The price cap limits what providers can charge on their standard variable (default) tariffs. There are no meaningfully cheaper switches available right now.
You’ll be on the price cap, or automatically moved to it, if:
• You’ve never switched.
• Your cheap fix ends.
• Your provider goes bust and you’re moved to a new firm.
So do now and you’ll be on, or moved to, today’s cheapest deal.
Continue reading your story on the app
Continue reading your story in the magazine
Our mum is a SEXPERT
As life imitates television drama, Rowan Pelling reflects on the embarrassment her profession has caused for her two sons
MORE HEARTBREAK FOR THE QUEEN
Whatever the outcome of Prince Andrew’s ugly legal battle in America, his life as a working member of the Royal Family, in my opinion, is over.
Harry and Meghan THE UGLY TRUTH?
Royal expert Duncan Larcombe looks at why 2022 could be more explosive than ever
The 7 signs you should NEVER ignore
With Christmas now a distant memory, this is the time to get those niggling health concerns seen to
Why all calories are NOT equal
We all know that the content of what we eat is vital to our health, and helps our bodies repair, grow and heal. For example, the protein in fish, meat, beans and pulses feeds our muscles, bones and cartilage, helps regulate hormones, and oxygenates our blood. Plus, it keeps our hunger levels down.
A STEP TOO CLOSE FOR COMFORT?
Plans for this year’s Earthshot environmental prize are likely to result in a showdown between the Sussex and Cambridge clans, sources close to the charity have revealed.
Time to DECLUTTER
Get your home perfectly streamlined for the season ahead
A weekend escape to PORTO
Expect top tipples and great food in Portugal’s northern wine region
New Year, NEW RUTH!
Why losing those pesky pounds is so important for the star
Max your MOTIVATION!
There’s much more to Slimming World groups than just losing weight