Martin's likely urgent warning...

Get off the energy Price Cap while you can! Don't ignore this...

"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.  "This includes an exclusive, market-cheaper EDF 15mth fix that's guaranteed to stick around till Wed."

Now the detail... 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 (see cheapest deals).

Yesterday wholesale rates rose again, then today 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. 

- Unsure if you're on the Cap? You probably are!
- The cheapest deals right now
- Specialist tariffs worth looking at
- The Price Cap is predicted to rise sharply
- I'm already on a fix, what do I do?

1. Unsure if you're on the Price Cap? You almost certainly are! A tale from Martin on this... "I spoke at Ideal Home at the weekend and asked for a show of hands from those on fixed energy tariffs, or other special rates they'd actively chosen. About a third of the hands went up. So I asked who is on a Price-Capped tariff, and very few hands moved. Yet, if you're in Eng, Wales, or Scot and aren't on a fix or special tariff, you are by definition on a tariff covered by the Price Cap, so all the rest of the hands should've gone up too."

If you're on your firm's bog-standard, default, 'I've not chosen anything special' deal, it's a Price Cap tariff - meaning effectively the regulator Ofgem dictates the maximum Standing Charge and unit rate you pay. It's set for each region and moves every three months. Almost every firm prices at the max. The Price Cap isn't cheap. In general, you don't want to be on it.

2. The cheapest deals you can switch to... We compare prices to the current April Price Cap, the price of which is based on a world before the Middle East conflict started. Yet that will be factored in from 1 July, which is why it is strongly predicted to rise. Yet with fixes the rate you pay for energy is locked in (though the total amount you pay still depends on usage).

PS: The market is volatile so prices can change, and new tariffs can come in, but the links are via our comparison which is always updated.