Mr Lewis spoke out on this week’s Martin Lewis Money Show, which aired on January 14.
Mr Lewis spoke out on this week’s Martin Lewis Money Show, which aired on January 14.
Martin Lewis has issued a warning to British Gas, E.ON and EDF customers after ALL THREE energy giants warned bills will rise in April. BBC Sounds star Mr Lewis spoke out on this week’s Martin Lewis Money Show, which aired on January 14.
Mr Lewis said on Tuesday’s show: “Prices dropped last winter. They came down again. They bottomed out in July, then they went up in October, then they went up again. And the current Price Cap – it changes every three months – it lasts until April.
“Now, when we finished in December, this is what was being predicted for the Price Cap back then. It was going to come down slightly in April and slightly a bit after that.” The Money Saving Expert founder went on, adding: “This isn’t going to be good.”
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In theshow, which aired from 8pm, Mr Lewis said: “Let’s watch week by week, because these predictions come out week by week, what has happened to the predictions since then. Watch the numbers change and the line change. Here you go.”
He added: “So, that’s where we are now. The prediction is it’s going to go up 3% in April then down slightly, but still more than we are now. This is the EDF prediction: down slightly when we get to July, up again in October. So roughly where we are.
“Now I need to say the predictions depend on what you’re assuming Ofgem does. I’ve got an E.on prediction. E.on’s predicting it’s going to be even higher than that. British Gas is somewhere in between but a slightly higher afterwards.”
Mr Lewis went on, saying: “Now the important thing to understand: the April price – it’s based on wholesale rates over a set period. That period is the middle of November to the middle of February. We are two thirds of the way through the assessment period. In other words, one’s saying up 3%, one’s saying up 5%.
“One thing you know is happening in April: up. It’s going up.”