Martin Lewis urged people to "prepare" as he issued a bleak energy bill forecast.
The consumer champion returned to front Money Show Live tonight as he shared vital financial advice. The first episode of the year was the annual bill-buster special as Martin shared important tips for 2023.
Martin's advice was more valuable than ever last year as the UK descended into a cost-of-living crisis. People across the country struggled to cope amid skyrocketing costs of energy, food and petrol.
A viewer quizzed Martin on whether we can expect the cost-of-living crisis to ease over the coming months. The finance guru explained he is hopeful prices won't rise at the same rate as they did over the past 12 months.
However, he warned he doesn't expect prices to return to their previous levels anytime soon. The price of wholesale gas has dropped over recent months, but Martin explained this may not be reflected in our energy bills as we are currently on an energy price guarantee.
He said: "In April [the price cap] is going to go up 20%. If we're lucky from July it's going to drop a bit, but on current prediction it will still be more than now. It's not what you wanted to hear is it, but at least you know you're going to have to prepare.
"The likelihood right now is next winter you're probably going to pay more than this winter. We can cross our fingers and hope it doesn't happen but that's the likelihood."
Martin lifted the lid on a conversation he had with an energy insider and said the rate at which gas prices will decrease is all dependent on gas storage in Europe. Europe has experienced an unseasonably warm winter and Martin said this has led to a drop in the price of wholesale gas, but it remains to be seen whether this trend will continue throughout the year.
He added: "If their gas storage remains high, then wholesale rates will get cheaper. If their gas storage drops because it gets cold, then wholesale rates will get more expensive."
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