Martin Lewis is warning people over their energy bills (Image: ITVX)
Money expert Martin Lewis is warning people to ‘take action now’ as 2025 will see a run of several more energy bills price rises in a row.
The founder took to today to announce that prices for gas and electricity are set to rise ‘significantly’ on April 1, as well as July 1 and October 1.
Martin warned that prices are going to go up by as much as £100 from April, and will be followed by two further increases later in the year.
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The expert is urging people to take action, such as getting a fixed rate tariff, before the rises smash households.
said on the programme: “It’s not a surprise, I’ve been predicting a rise now for about two months. What is is the scale of the rise.
“What happens is, the energy price cap moves every three months, the next change will be on April 1. That price cap is dictated primarily by wholesale rates, the rates gas and electricity companies pay for buying energy. And those are public rates, and we roughly know the algorithm used by the regulator to predict them.
“So you have now quite a lot of firms who are out there predicting what will happen on April 1 based on those known wholesale rates.
“Now what’s been happening over the last couple of months is every time a new prediction comes out, it’s been creeping up and up and up.
“And the latest prediction we’ve got…it’s pretty firmed up now, you’ve currently got predicting a 3.34% rise, predicting a 5% rise and Next predicting a 6.27% rise.
“To put those in more normal terms for people, for somebody with typical use, a rise of between £60 and £100 on a yearly price basis.
“That is quite a significant rise coming in April. If I put it in more plain terms, there’s virtually no chance now of it not rising.
“The only question is how much the bill’s gonna go up.”
Martin said that even more alarmingly, none of the energy firms are predicting that the next cap in July and October will fall, instead they are all predicting another rise of 1-2% in each.
Martin added: “So the price that we go to in April is looking like it’s on the low side compared to the next 6-9 months.
“Prices are going up, people are going to need to be taking action now.”