MARTIN Lewis has apologised for losing his rag at the energy regulator in an x-rated rant.
The money saving expert admitted in a tweet that he called changes announced by Ofgem today a “f***ing disgrace that sells consumers down the river”.
1
The consumer champion, who has previously been near tears over rocketing bills, apologised over the “inappropriate” outburst.
He said: “I’d like to formally apologise to the @ofgem staff for losing my rag in a background briefing just now and saying its changes are a ‘f***ing disgrace that sells consumers down the river’.
“I should’ve behaved better. My ire’s institutional not individual, it was inappropriate…
Today Ofgem announced plans to change the energy price cap every three months instead of six.
The proposals would mean more frequent updates to the upper limit of what energy suppliers can charge customers for the average variable dual-fuel tariff.
It would mean households benefit sooner if prices fall – but could also see bills rise earlier too if the wholesale costs continue rising.
The next price cap will apply from October, when experts believe it could hit almost £3,000 a year.
Martin’s anger came over proposals at the same time regarding the market stabilisation charge (MSC).
Most read in Money
The MSC means that suppliers which attract new customers must pay compensation to the company they switch away from if wholesale prices fall.
It’s designed to help protect energy firms from wild swings in the energy market.
But Martin has said the mechanism will effectively discourage energy firms from launching any deals that are cheaper than the price cap.
He tweeted: “I lost it when getting a briefing about today’s proposals, where it feels like at every turn, in these desperate times where lives are at risk, it has ignored all asks for consumers and instead kowtowed to the industry (I hope history proves me wrong)…
“My breaking point was when hearing how instead of listening to calls to scrap its proposed market stabilization charge, it was making it harsher to really ‘stop the harmful effects of competition’ Ie staggeringly its aim’s to effectively STOP firms undercutting the price cap…”
“Its logic was this’d prevent other firms needing to ‘exit the market’. For years I’ve been pushing it for better controls in who they allow to set up energy firms. Yet now its way to stop it to lock in advantage to higher charging incumbent former monopoly firms…
Martin said that he asked Ofgem to consider cutting standard charges to help struggling consumers.
Standard charges are a flat fee per day and are not affected by your energy usage.
The charge is similar to line rental for phones, and covers the cost of the upkeep on the network but also the cost of failed suppliers after many collapsed last year.
He added that it was an “emotional rant” and not a “considered piece”.
Martin concluded: “I pray when I do further analysis I have to apologise again as I’ve got it very wrong (if not I worry about dire consequences for consumers – we must do more to make things better for them).”
The money saving expert was previously left near tears and shaking after a call on his telly show with a mum who has been left unable to afford bills because of the rising cost of energy.
Consumers have been left with little option than to swallow the extra cost of energy bills, which have rocketed by hundreds of pounds.
Speaking to Lorraine In March, Martin said he had “grave concerns” about the price hikes.
He said: “People are in a genuinely devastating situation at the moment and I worry some people won’t get through.”
The energy cap is currently reviewed twice a year coming into effect in April and October.
Last month the hike saw the average dual fuel bill rise by 54% to £1,971.
But the exact amount more households pay depends on their usage.
We pay for your stories!
Do you have a story for The Sun Online Money team?
