Martin Lewis demands British Gas, OVO, EDF, EON, Octopus rule change

BBC Sounds star has demanded British Gas, OVO, EDF, EON and Octopus change their rules to come OFF the price cap, which is set by Ofgem, and rose to £1717 on October 1.

Martin Lewis has issued a warning to "fix or get a cheap tracker". The BBC Sounds star has demanded British Gas, OVO, EDF, EON and Octopus change their rules to come OFF the price cap, which is set by Ofgem, and rose to £1717 on October 1.

ITV star Mr Lewis said: "Darren is right. Providers could price cheaper than the cap for their standard tariffs, but they never have, even before the crisis, its always been close to a fixed rate. The real difference is now around 85% of people are on a Price Cap tariff, pre-crisis it was less than half - and we've lost that competition. Though in my view no one should be on a Price Cap tariff right now, either fix, or get a cheaper tracker."

Darren had written: "Energy suppliers DON’T have to go up with the cap. That’s the *WHOLE* point of a free market, if the suppliers can offer cheaper prices to compete for business then they should!"

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In response, a Twitter user said: "This is really disingenuous. The price cap dictates how you *have* to hedge your exposure to make sure if prices rise, you don't go under (remember all the failed suppliers who didn't hedge to the cap?) It's not a lack of competition that stops beating the cap, it's the cap!"

"I don't understand what you're disagreeing with in my post. What are you saying is incorrect or disingenuous?" Mr Lewis asked. "The free market, where you can choose which supplier you want to be ripped off by," said another social media user.

Another typed: "If only you didn’t have to agree with a smart meter to get a cheaper tariff. Paying on time, providing monthly readings being a good customer means nothing. I have been paying bills with no problems for 53 yrs, I am smart enough not to need a SM. Discrimination, appalling!"

And a fellow fan wrote: "So basically we've gone back to the "bad old days" where customers on standard variable rates are subsidising customers who have actively switched to a better deal. Sigh." Another said: "I think that prices should be based on what the wholesale price is that day (like Octopus’ Tracker tariff).

"Saves me loads of money compared to if I had gone on any other standard tariff. Yes there’s the risk of it going way over the price cap, but it’s a risk that’s worth it."