Martin Lewis urges Octopus, OVO and EON customers to use little-known 50-day rule
Martin Lewis has issued Octopus, OVO, Outfox, E.on customers with a 50-day warning. The BBC Sounds podcast host has issued an urgent warning to anyone on a fixed tariff about a little-known rule ahead of the energy price cap.
Ahead of the new price hike on April 1, the 52-year-old Money Saving Expert founder said: "A quick energy need to know if you're on a fixed tariff or thinking of getting one. They cannot charge you early exit fees if you leave a fix within the last 50 days. So from day 49 onwards, no early exit penalties.
"You're absolutely. Free to leave if you choose to. So it's a very good idea to work out when your fix ends and put 50 days beforehand in your diary to do a comparison to see if you can then find anything cheaper. If you can, you're free to switch and they can't lock you in with penalties. If you can't, stay where you are and milk it out till the last moment."
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ITV star Mr Lewis said: "We talked last week about [how] the energy price cap is going up 6.4% on the 1st of April. Many people think that fixed rates go up as well. They don't. Just [to] be slightly complicated... The energy price cap is set on past wholesale rates.
"The April energy price cap is set on wholesale rates between the middle of November and the middle of February. They went up so it's gone up. What the rate you can fix at is based on the rate that energy providers can currently buy in energy for the next year.
"Now that doesn't move in sync with the price cap. I can't tell you what the situation may be in May. Look, yo know, if there is peace in Ukraine and Russian gas supplies are turned back on, energy prices will be a lot lower then.
"You will be able to fix at a much lower price than it is now. If the opposite and it looks like we are going to continue to be entrenched in that Ukraine situation, then energy prices - or Russian supply isn't back on - energy prices will be higher.
"So I cant tell you what the situation will be in May because it's simply an unknowable. But I can say the likelihood is, right now, I would suspect your fix is very cheap so you probably want to keep it running as long as you possibly can."
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