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Wales Online
Wales Online
National
Jonathon Manning

Martin Lewis warns 'vast majority' of energy customers should do nothing - but fixing prices could be right for some

Consumer champion Martin Lewis has said the vast majority of energy customers should continue to "do nothing" but has warned that certain customers may wish to fix.

Speaking on The Martin Lewis Money Show on ITV the presenter told viewers that the changes in the energy market are creating some difficult decisions for customers, as gas prices continue to be sky-high.

The situation is getting even more complicated with the introduction of a new energy cap set to be introduced in the coming months.

While details of the energy price cap have yet to be released, Martin is predicting a rise of around 50%, meaning many people's bills will increase.

But the money expert has said that despite the rises only a few people should consider fixing on to a new deal, and only if their quoted price is within 40% of the predicted energy price cap.

However, the decision is a complicated one as it is unknown whether the market will change again or whether the government will step in.

Explaining the problem Martin said: "If you do fix now and prices drop you would have lost out on that pretty cheap price cap in the meantime but you could always fix again and pay the exit penalties.

"If you don't fix and things get even worse you might have missed out on a cheap fix."

He added: "But my summary is, if you are confused, if you don't get that, listen to this bit. The vast majority of people should be doing nothing and sticking on the price cap there are only a few edge cases where fixing may be worth it. Although that is likely to change soon as we near April and I will, of course, tell you when it is time."

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