Hi,

We've a warning from Martin: Get off the energy Price Cap while you can, don't ignore this...

Martin Lewis, MoneySavingExpert.com founder, who wrote this article. Link takes you to his biography page on MoneySavingExpert.com.

"The cost of fixing has dropped since the Middle East ceasefire announcement, but that may start to unravel, so the window of opportunity may close. Act NOW and you can lock in a fixed rate below the new lower April Price Cap, which MOST of you are on (even if you don't know it).

"This is crucial if you want certainty your rate can't rise, as the Cap is predicted to jump 14% on 1 July.

"Whether you can get a fix, and at what price, depends on your region, use & payment method, so do a full market comparison asap. You're looking for one that saves you even a small amount over the current Cap, as far bigger savings will come from July."

The wholesale cost of gas is a major factor in our electricity costs too, and it's risen up to 70% due to the Middle East conflict. Yet there was a slight reprieve last week, as the ceasefire led to a drop. Some firms bought (hedged) at that lower rate and started offering fixes over 6% cheaper than a week before, leaving them for the first time in weeks cheaper than the April Price Cap.

On Monday, wholesale rates rose again, and have since dropped back. Volatility is high. So this could be the last chance to lock in below the Price Cap, or equally fixes could get cheaper. Yet a bird in the hand etc... so as you can lock in cheaper than the Cap right now that's the safe option.

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The Cheap Energy Club team

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