Martin Lewis has identified the cheapest energy fix tariff he can find right now and urged energy bill customers to take advantage as soon as they can.
The financial expert shared his advice in the latest episode of the latest instalment of his Martin Lewis Money Podcast.
He said: “The cheapest fix available right now is the EDF Essentials 1Yr May25 fix, which I don’t think will be around for very long. That’s what my feelers are telling me.
“You can get that if you’re new to EDF… It is seven percent less on average… than the current price cap.”
He warned this depends on where you live in the country and how much electricity and gas you use, adding it is a very raw average and what’s cheapest varies for different people.
The money expert recommended going via a price comparison website and repeated his expectation the price cap will be three percent lower over the next year.
Mr Lewis said: “Fixing at seven percent lower is a good bet. I can’t say it will be a winner, but it’s a good bet from where you are right now.”
EDF says EDF Essentials 1Yr May25 at £1,580 a year is £110 cheaper than the Ofgem cap when you pay by Direct Debit. The figures are based on “typical” consumption as published by Ofgem.
“Typical” yearly consumption is 2,700kWh electricity and 11,500kWh gas based on a national average of regional prices for a dual fuel customer with a standard electricity meter who pays by Direct Debit. It also assumes the price cap won’t change for a full year.
Price cap forecaster Cornwall Insight’s latest prediction puts the cap in the third quarter of the year at £1,559.61.
The fourth quarter of the year sees a rise to £1,631.44 with the first three months of 2025 seeing another slight rise to £1,634.20, according to Cornwall Insight. Its calculations used market closing prices as of March 26.
Between April 1 and June 30 the energy price cap is set at £1,690 per year for a typical household using electricity and gas and paying by Direct Debit.
Ofgem has launched a consultation on the future of the energy price cap amid changes to the market. It is due to close on May 6.
