Magnetic skyrmions have garnered much attention in recent years because of their non trivial topology and potential to be used in next generation memory devices. They may exist individually or as a lattice of skyrmions(SkL). A number of investigations have been done on SkL in metallic samples, but recently a few magnetoelectric insulators have also begun to attract a lot of attention. The magnetoelectric nature of these materials presents a possibility to make prototype memory devices where skyrmions form a storage bit and can be controlled with only electric fields without the losses caused by Joule heating. We focus here on the material Cu2OSeO3, for which interesting electric field effects have been seen like the control of size of the region in the phase diagram where SkL is stable, creation of metastable skyrmions and the use of magnetolectric susceptibility to map the phase diagram. We use the magnetoelectric susceptibility to explore the above mentioned effects of electric fields, attempting to confirm previous reports of such effects using different techniques like neutron scattering and AC susceptibility. We also propose a new design to create metastable SkL state at low temperatures and confirm its existence using magnetoelectric susceptibility. We also attempt to measure the change in polarization between the SkL phase and the trivial phase on application of DC electric fields, which in principle could lead to electrical readout of skyrmions in a prototype skyrmion based memory device.