Martin Lewis has given advice on what ‘every single customer’ should do with their account now.
Households are being advised to take a copy of their energy balances as the gas price crisis deepens.
Money expert Martin Lewis advised customers of small, medium, and big energy suppliers should go online and check their balances.
At least 1.5 million consumers have seen their supplies go to the wall in recent weeks as the energy sector continues to be hit by surging global wholesale gas prices.
Speaking on his self-titled money show, the Martin Lewis Money Show: Live, on ITV, the Money Saving Expert told consumers to “Go on your supplier’s website and take a screengrab of your credit balance.
“This isn’t about small firms, it’s about mid to big ones too.
“Get a screen grab every week while we’re in the crisis.
“That’s because they will take the site down if it collapses and you may find you need evidence of your balance to carry it over to your replacement supplier.”
Under Ofgem’s policy, if your supplier collapses, you will be moved onto a new provider.
The UK is in an energy crisis as wholesale gas prices have risen 250% since the beginning of the year, with a 70% rise in August alone.
The rises come as Martin warned that many people will be forced to make the devastating choice between heating and eating as energy bills rise.
Mr Lewis said that some predictions for how the current crisis will pan out could see up to 30 firms cease trading – which would leave around 10 providers of energy for the market in the UK.
Householders are being warned that anyone coming off cheap, fixed energy deals could be in for a huge price hike, even on the cheapest tariffs.
Mr Lewis said households on the energy price cap – mostly those on standard variable tariffs – are now on the cheapest deals.
“Over 50% of homes are on the energy price cap. That is what you end up on if your firm goes bust or you don’t switch,” Martin explained.
“On October 1, the cap will rise from £1,138 to £1,277 based on typical usage. That’s a 12% rise or 13% if you’re on a prepayment meter.
“The price cap changes every six months. The latest increase is based on wholesale prices from February to July this year – it is not based on the explosive rise we’re experiencing now.
“On April 1 next year we will have a new price cap which will be based on the current wholesale prices up to the end of January. Analysts say it will rise by another 14% to £1,455 a year based on typical usage.
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