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Edinburgh Live
Edinburgh Live
World
Alexander Smail

Martin Lewis shares urgent energy price cap update as direct debit rates announced

Martin Lewis has shared an urgent update regarding the energy price cap, and has urged people to "please share" the news.

The financial expert took to Twitter to reveal that the average direct debit rates that will come into effect on October 1 have been announced.

Posting on his Twitter account, Lewis said: "NEWS: The new 1 Oct price guarantee average direct debit rates have been announced.

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"Electricity Unit rate: 34.00p per kWh Standing charge: 46.36p per day.

"Gas Unit rate: 10.30p per kWh. Standing charge: 28.49p per day."

He continued: "This is just an average, rates are set by region. They will also likely be a few % higher for those who pay by direct debit or on receipt of bills.

"We're trying to get the details & when we do I'll tweet and we'll put them in our calc which u can use to see your actual change."

Lewis added: "These rates only apply to homes on default standard tariffs (about 85% of homes). Fixes that cost more than the new price guarantee will also likely see their rates reduced.

"But we are still waiting for clarification on how and what happens to those on cheaper fixes."

It follows the news last week that the UK Government will replace the price cap with a new Energy Price Guarantee. This will ensure that a typical UK household will pay an average of £2,500 per year on their energy bills over the next two years.

Previously, energy regulator Ofgem had announced that the price cap as of October would be £3,549, leading to fears that thousands of households across Scotland and the UK would fall into fuel poverty.

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