Energy switching

I've been calling for Government intervention to prevent an energy bill crisis before 1 April, when the price cap – which most bills are now based on – is predicted to rise 51%, adding typically £600/year to bills, a nightmare that'll throw millions into fuel poverty. Unsurprisingly, with this prediction many are asking me if they should now move off the price cap to fix?

The energy price cap is now expected to rise by over 40% next April, MoneySavingExpert.com founder Martin Lewis warned in the latest episode of The Martin Lewis Money Show. But despite the "horrendous" projected increase, Martin explained that households are still likely to be better off "doing nothing" for now, given how expensive the cheapest fixed tariffs are currently.

Bulb, which supplies more than 1.7 million households, has collapsed into a so-called 'special administration', becoming the largest firm to fail during the current energy crisis. This process, which hasn't been used before in the energy market, means Bulb will continue to operate as usual for existing customers for now. But it will no longer take on new customers and its future as a company is uncertain.

Orbit Energy and Entice Energy, which have over 70,000 household customers between them, have become the latest energy providers to cease trading – meaning a total of 22 domestic energy suppliers have failed since September. If you're affected, your supply will continue and credit balances are protected. While it's likely you'll pay more now, there are no savings to be had by switching.

Neon Reef and Social Energy Supply, which have over 35,000 household customers between them, have become the latest energy providers to cease trading – meaning 19 domestic energy suppliers have gone bust since September. If you're affected, your supply will continue and credit balances are protected. While it's likely you'll pay more now, there are no savings to be had by switching.

The Government has told MoneySavingExpert.com it will stop sending out letters with envelopes wrongly advising people to switch energy tariff after we revealed that the Department for Work and Pensions (DWP) had sent the misleading advice to 10 million people.

MoneySavingExpert.com founder Martin Lewis has reaffirmed his message to consumers to sit tight and avoid switching to a new fixed-price energy deal as more gas and electricity providers go bust. On his weekly The Martin Lewis Money Show on ITV he warned people to "do nothing".

Brits wanting to fit a low-carbon heat pump in their homes in England and Wales could receive a one-off £5,000 grant from the Government to help replace less efficient gas boilers from April 2022. The initiative is part of a £3.9 billion project to make all heating systems low carbon by 2035.

Do nothing with your energy supply and roll on to the price cap when your deal ends rather than trying to switch. That’s the message from Martin Lewis as the MoneySavingExpert.com founder warns that "inaction is now the best action".  

In the first episode of a new series of his live ITV show, MoneySavingExpert.com founder Martin Lewis has urged households to take a screenshot of their online energy account now in case their provider goes bust. His warning comes after six energy suppliers ceased trading this month as the price firms pay for gas and electricity soars to new highs.