Energy regulator Ofgem has announced that the energy price cap will rise by 1.2 per cent from 1 January 2025 - increasing electricity and gas bills for people across the UK
Martin Lewis has offered one piece of money-saving advice to consumers after it was announced the energy price cap was set to rise.
Martin said that, according to current predictions, the price cap will rise again ‘by a couple of percentage points’ on 1 April 2025 before dropping slightly on 1 July and again on 1 October. He added that, according to the forecasts, by October next year, people on standard tariffs will be paying more than they do right now.
“So, while there are other options you can look at, such as time of use tariffs and discounted tracker tariffs…if you’re looking for the simple option, it’s get a cheap fix. How do you do that? You go on to a comparison site, because who the cheapest fix is for you depends on where you live and what you use, and you find your cheapest.”
The price cap rise will see the unit price for electricity rise from 24.50 pence per kWh to 24.86 pence per kWh. The unit price for gas meanwhile will increase from 6.24 pence per kWh to 6.34 pence per kWh.
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