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The Martin Lewis Podcast

Bonus Mini-Pod: Energy Price Cap rise

The Martin Lewis Podcast

BBC

Business

4.2789 Ratings

🗓️ 22 November 2024

⏱️ 12 minutes

🧾️ Download transcript

Summary

The energy regulator Ofgem has announced its next quarterly price cap will rise by £21 for the average household. An increase of £1.75 a month.

The decision affects the bills of 27 million households in England, Wales and Scotland.

In this bonus episode of The Martin Lewis Podcast, Martin explains what it could mean for you.

Transcript

Click on a timestamp to play from that location

0:00.0

BBC sounds, music, radio, podcasts.

0:07.6

I got meals.

0:09.7

I got to pay.

0:11.6

So I'm going to work for the world.

0:15.2

I got a mouth.

0:17.4

I got a feed.

0:19.2

So I'm going to make sure everybody is. Hello and welcome to this special urgent edition of the Martin Lewis podcast on the back of today's news that the energy price cap is to rise again in January.

0:31.7

So what does this mean for you? What should you do about it?

0:35.1

Brackett spoiler alert, you should fix. And the big question I keep

0:39.1

being asked is all about will standing charges come down? I answered all of those in my interview

0:45.1

on Five Live Breakfast this morning, so have a listen. As we've been hearing, the energy price cap

0:51.4

has gone up with bills for a typical household rising by £21 a year in January.

0:56.7

Money-saving expert Martin Lewis is here. Morning, Martin.

0:59.9

Good morning. Hello. I'm never a fan of that typical bills thing. You'll remember that.

1:03.9

Exactly. So let's not do that. Let's talk about it's in meaningful terms to people. How would you put it?

1:14.2

OffGem's price cap is rising 1.2% on the 1st of January on the top of the 10% rise we've already had. So for every £100 you're paying

1:19.0

for energy now, you will pay £101 20p on average from the 1st of January. And what's really

1:26.0

important for people to understand are the current predictions are,

1:28.6

because the price cap moves every three months,

1:30.9

it will rise again by a couple of percent on the 1st of April,

1:34.7

drop slightly in July,

1:36.5

drop slightly again in October,

...

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