‘Don’t be alarmed!’ — Energy customers should face a 50% price increase, according to Martin Lewis.
Customers of defunct energy enterprises, which have halted trading due to rising wholesale gas costs, should expect a 50 percent price hike after being moved to a new supplier, according to MARTIN LEWIS.
The financial expert examined the implications of the energy gas price hike on The Martin Lewis Money Show, which aired on ITV this evening. He supplied crucial details on what clients of failed energy firms can expect and who their replacement provider will be.
“My energy provider Symbio quit trading yesterday, will my new provider ensure I’m on a tariff that is still price capped?” tweeted social media user Kirsty Patrick during tonight’s episode.
“Yes, you’ll be on the old price capped tariff, but you won’t be on your old fix,” Martin responded in response to the viewer’s question.
Due to rising wholesale energy prices, nine energy companies have gone bankrupt, leaving small suppliers unable to continue trading.
Enstroga, Igloo, and Sumbio Energy are the latest energy companies to declare bankruptcy.
Martin reassured clients on tonight’s show that their energy supply would be maintained and that the regulator, Ofgem, would automatically switch them to a new provider.
“All you have to do is take a meter reading,” Martin explained.
“Don’t be alarmed,” Martin advised. “Your credit is safe; it will be transferred to a new supplier.”
“You’re not going to lose that money,” says the narrator.
Martin told viewers about the new energy suppliers that would be used by clients.
Avro Energy customers would be transferred to Octopus.
Shell will provide electricity to those from Green.
Customers of People’s Energy and PFP will receive energy from British Gas, while Utility Point customers will receive energy from EDF.
Are you looking for a new house or just want to take a look around? Please enter your postcode or go to InYourAreaMartin reminded viewers of the time frame they may expect before being switched to a different supplier.
Martin said of Igloo clients, “The quickest was three days, the slowest was six days, and the average was four days, so you’ll probably hear very soon.”
“With the exception of Octopus, which is marginally cheaper,” he continued, “the new pricing are all at the price cap.”
“Sorry, folks, you won’t be able to switch to that; it’s exclusively for existing Octopus customers.”
Customers will face a, according to Martin. “Brinkwire News Summary.”