Energy bills are set to soar in 2022, but Money Saving Expert Martin Lewis has revealed a few changes you can make at home to help
March 03, 2022 - 08:13 GMT Chloe Best Energy bills are already set to soar in April, but could reach £3,000 a year in England, Wales and Scotland from October, a worrying report has warned.The new rises are in part due to the current Ukraine crisis, with Investec bank saying the conflict has raised concerns over the reliability of gas supplies because Russia is the third-biggest exporter of oil.
Martin Lewis has created a video for Moneysavingexpert.com to help bill payers decide what is best for them, explaining:"I would not switch to a fixed deal unless it was less than 75% more than the current price cap, or if you want to base it on the April price cap, no more than 15% more than the April price cap."DONATE NOW: What can you do to help Ukraine?
The Good Morning Britain star advised that if you're offered a one-year fix at the April price cap amount then it could be worth accepting, but it is hard to choose a longer-term deal as prices are predicted to drop again in April 2023. David Cox, an independent energy analyst told the BBC:"Wholesale prices make up between 40-50% of household bills. If these high prices stay around 400 pence per therm we may see the price cap head closer to £3,000 per year, which is terrifying."Although Britain only imports around five percent of its gas from Russia, we rely on pipelines that run through neighbouring countries Belarus, Ukraine, Poland and into Germany, which is why there are fresh concerns about its reliability.
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