Martin Lewis warns Brits ahead of energy price cap which could rise to £3,600

Experts have predicted a sharp rise to the energy price cap in October.

The price cap, which limits the rapes a supplier can charge for gas and electricity, rose on April 1 from £1,277 to £1,971.

Cornwall Insight reckons this could further increase by £1,388 to hit £3,359 later this year.

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Now Martin Lewis' website, MoneySavingExpert, has updated its latest guidance on energy bills.

The price cap currently covers 22million households.

And at the moment, there are no open market fixed-rate energy tariffs that are cheaper than the current £1,971 price cap.

Martin's website explains that on average you'll be paying 72% more over the next year than you do now, based on predictions.

MSE suggests fixing into an energy deal if you're offered a one-year fix at no more than 70% above your current price cap tariff.

He said: "This isn't an exact science – do watch my video explainer from a couple of months ago if you want to understand more."

"Fixing below this point is still not a slam dunk, I can't promise I've got this right, there are too many unknowns…"

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He added: "This is my best-guess with the information I have at the moment."

The cheapest rates are normally "customer-only" deals which aren't available on the open market.

It's worth speaking to your energy provider to see what deals they have on offer right now.

MSE flagged the E.on Next: Next Online v17 one-year fix as being 67% more than the current price cap (£3,297 a year).

The cheapest open-market rate is from Utility Warehouse, but you'll have to take out other products too.

Its "Green Fixed 33" one-year fix is on average 45% more than the price cap at £2,850 per year for typical use.

To get access to this fix, you will need to take out broadband, SIM-only mobile contract or boiler and home cover with Warehouse.

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