Martin Lewis warning for those looking to fix their energy bills with new cheap tariff

manchestereveningnews.co.uk:

Energy companies seem to be making a move towards fixed energy tariffs to allow cheaper options for consumers. However, Money Saving Expert Martin Lewis has warned that it might not be as good as it seems on the surface.

OVO recently announced a new energy tariff of a one-year fixed rate of £2,275 based on typical dual-fuel use. This makes it £225 cheaper than the government's Energy Price Guarantee which is capped at £2,500 until July.

While it is the first new tariff of its kind to enter the market since last year, Mr Lewis has advised customers to think carefully about their options before they sign up. Read more: Five things to do before the end of the tax year, according to a money expert Speaking on his podcast, Mr Lewis said: "There is currently only one fix available on the market, it's from OVO, it's only for existing customers unless you go and were already signed up to the email from Moneysupermarket before it launched this which is about 200,000 people and then new customers can get it too.

But you can't join that unless you were in advance so this isn't a recommendation for that, it just means that if you have the facility you have more choice even if you're not an OVO customer. "So, to explain this, the most important way I can do that is to talk to you about what's going to happen to energy prices if you don't fix.