Energy firms could reveal ‘secret’ cheap deals after Martin Lewis meeting – as price cap expected to hit £3,300
ENERGY firms could reveal “secret” cheap deals, following talks with MoneySavingExpert’s Martin Lewis. Many energy firms currently offer better deals to existing customers than they do to new ones. But people don’t always know if these cheap deals are available to them, and they might have to ask to find out. Now, CEOs of OVO, […]
ENERGY firms could reveal “secret” cheap deals, following talks with MoneySavingExpert’s Martin Lewis.
Many energy firms currently offer better deals to existing customers than they do to new ones.
But people don’t always know if these cheap deals are available to them, and they might have to ask to find out.
Now, CEOs of OVO, British Gas, Octopus, E.ON, EDF and Shell have said they will explore publishing full tariff information for deals that are only available to their existing customers.
This will help people understand if they are on the very best tariff.
Transparency over the “secret” deals will be useful for families when deciding whether to stay on their current rate after it was revealed today the energy price cap could rocket up to £3,244 in October.
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At present, the price cap is £1,971. It was previously estimated to rise to £2,800 in October.
The decision from the energy firms came after a meeting with the energy firm bosses, Martin Lewis and representatives of Citizens Advice, National Energy Action and StepChange.
The groups came together to find better ways to support struggling customers this winter.
During the talks it was also agreed that more must be done to improve people’s understanding of how direct debits levels are set.
Energy suppliers agreed to make their calculations available so the rationale for increases or decreases could be better understood.
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“The aim of this meeting was to cut the crap and get together with the leaders of the big firms, without government or regulators, to work together on the low-hanging fruit,” said Martin Lewis.
“It was a very productive, fast and action-oriented two hours.”
What to do about my energy bills now?
It’s a good idea checking whether you could benefit from getting onto one of the cheaper “secret” energy deals.
Firms had been launching flash sales for existing customers, offering cheap fixed deals which are often snapped up within hours.
But you’ll have to do some careful thinking, to make sure you are on the right tariff first.
The energy price cap could rocket up to £3,244 in October, according to new analysis from intelligence firm Cornwall Insight released today.
That’s £263 more than previously estimated and will leave hard-pressed consumers needing to find an extra fiver a week to heat and light their homes.
This is on top of the estimated £20 extra a week they’ve already been told to expect to have to fork out in the autumn.
Martin Lewis took to Twitter to express his frustration about the new price cap predictions.
“I feel sick writing this! I’ve just got the latest price cap predictions from Cornwall Insight… it’s horrendous.” he said.
“The Oct prediction is now £450/yr HIGHER than Ofgem mooted in May & that was what Sunak based the £400-£1,200/yr help on,” he added.
“People need to know what’s coming to see if they can prepare for it.”
The finance expert previously said some households should fix their energy bill deals ahead of expected hikes.
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It’s important to remember there are still no deals that beat the current price cap.
But if you can nab one of these hidden deals it could be worth it – you can do that by calling your provider to ask, signing up to any newsletters it has, or keeping an eye on social media.