Financial guru Martin Lewis has issued a warning message to households about their energy supplies.
According to the money-saving expert, people could be paying too much for their energy – and could save money by acting quickly.
Martin said: “A fortnight ago we told you that wholesale rates – these energy companies pay – were at a three-year high.
He encouraged all energy bill payers to seek better deals and switch providers if they can, reports the Manchester Evening News.
Martin advised consumers to check back now as we move into summer to ease the blow of winter heating bills and avoid paying too much on current energy rates.
Last year, the 49-year-old and the MoneySavingExpert.com launched a new automatic energy comparison and switching tool.
MSE said the tool will ensure that vendors will no longer be able to bet on people who forget to switch after the cheap offers have ended.
How does MSE Autoswitch work?
The user enters details of their energy bills and chooses their energy preferences.
Then the “Pick Me A Tariff” tool uses an algorithm and selects a person’s best deal based on what the bill payer has stated as the most important aspects to them.
In addition to a premium rate selected from across the market, users will also receive the next two closest connections based on their preferences.
Even if the first choice is with one of the suppliers, MSE cannot change the individual, it will always appear as the best deal.
The website explains that this would simply mean that MSE cannot automatically switch users next year, unless they join.
On the anniversary of the change, the consumer’s website will contact the user with a new superior offer based on their preferences, the recipient can click to confirm their wishes and the details have not changed, if they wish to change. .
The tool is free and if the user changes through the tool and MSE gets paid the user will receive around half the cash back – £ 25 for dual fuel switches and £ 12.50 for fuel simple.
However, MSE warned that while automatic switching could be a great tool for those who wish to stay on a cheap energy tariff, it may not be suitable for everyone.