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Is now the time to lock in your energy bill?

Martin Lewis has advised listeners on his BBC Sounds podcast about the potential benefits of fixing energy bills amidst rising wholesale rates due to global tensions

Energy bills have been a topic of discussion, with consumers seeking ways to manage potential price changes.

Martin Lewis, Founder of MoneySavingExpert, discussed fixing energy bills in the current market climate on his BBC Sounds podcast.

Mr Lewis noted the recent increase in wholesale rates, attributing it to geopolitical events in the Middle East and Ukraine. While Cornwall Insight predicted a potential decrease of 2-3% in the coming year, Lewis cautioned against relying too heavily on such forecasts.

Martin Lewis said: “Wholesale rates have risen slightly because of the turmoil in the Middle East, primarily, and some of what’s going on in Ukraine, which always factors into this.

“So those predictions and it goes down 3% over the next year. That’s probably generous, it may only be 2% or 1% less than it is right now on average over the next year.

“But at the same time, we started to see some cheaper fixes coming into the market.

“Staying on the price cap will be roughly 3% cheaper than now if we are lucky but it may be less than that, so if you can fix anything where the discount is more than 3% cheaper than the current rates then you are both getting the peace of mind that you can lock in at a cheaper rate and you might actually, if those predictions come true, actually save money over the next year at the same time.”

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