Martin Lewis' verdict on whether you should fix or not following enegy price cap rise

Martin Lewis has delivered his verdict on whether billpayers should switch their current deals following the new energy price cap announcement.

Ofgem announced this week that the new price cap will go up from £1,834 per year to £1,928 per year from January 2024. While it's higher, current long-range forecasts from Cornwall Insight state that the price cap may increase further on average across the rest of the year.

This has led some people to reconsider their energy billing options. One viewer asked the money-saving expert on The Martin Lewis Podcast whether it was better to go on a fixed deal currently or keep bills alongside the current energy price cap.

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Martin said: "I'll first say there are some tariffs you may want to look at that are not fixes, they're much easier to explain. But the most obvious one is E.ON Next Pledge.

"So this is for existing E.ON Next customers only. It has a tariff where it promises to stay an average 3 per cent less than the price cap over the next year so it's a variable it will move up and down as the price cap moves up and down but it's 3 per cent cheaper."

He said that because the deal is only available to current E.ON Next customers, it may be a good idea to switch to E.ON's standard tariff and then "hope" that the E.ON Next Pledge tariff remains in place so that you can switch to that deal when it's available.

Martin also highlighted some tariffs available for Octopus customers such as the 'agile' and 'tracker' tariffs which vary every day. He added: "Over the last few