In October, energy bills are expected to marginally drop and as more fixed tariffs emerge, many are questioning what a 'good deal' really looks like. Martin Lewis, financial journalist and founder of Money Saving Expert, answered the question posed to him on ITV's This Morning programme earlier today, sharing his rough estimations of what fixed energy tariffs could be worth looking into. Addressing a viewer who asked : s what we currently think. Here's what we know and then what's predicted and then the crystal ball about what's going to happen to energy prices. The price cap is on sale. s drop by an average seven percent. In January, the forecast is that it's going up by six percent. So it's slightly cheaper than it is now, but still cheaper than it was from October to January. In April, Lewis said the price cap is expected to fall again by three percent. He added: 'It is not a good idea to say that we are going to go back to the way we started, but we're going to go back to where we started.
However, he added, if those predictions, which come from analysts Cornwall Insight, turn out to be true and they do vary on a regular basis, then people could look into securing a fixed deal that's 'about five percent cheaper' than the current price cap. For the period from July until September 2023, the Ofgem price cap has been set at £2,074 for a typical household per year. From October 1, the price cap will fall to around £1,923 - a reduction of around £151 a year, based on the current price cap unit rates.
There are a couple of them out there, but most of the 'best ones' are existing customer-only fixes. That would be my very rough benchmark, he said. A lot of crystal ball gazing here. Recurrently paying if you're on the price cap, that looks like a good deal over the next year based on the predictions, but they're only predictions. This morning airs on weekdays from 10am onwards at ITV.