Martin Lewis issued a stark warning over energy prices rising today as he appeared on ITV This Morning.
The financial guru and founder of Money Saving Expert was taking calls from the public over their financial worries and answering questions.
However, during his segment on the show he predicted that the price cap could go up by 50 per cent in October.
He told viewers that the situation the energy market is in at the moment is "horrendous", warning: "No one knows [what's going to happen]. No one knows that with what's going on in the world, it's just, it's awful."
This Morning viewer Lynn in Kent called into the show to speak to Martin, as well as Holly and Phil - she asked the trio what she should do about her new energy tariff and said that the price of her bill had gone from £83 pound a month to £189.
Lynn said she normally goes for a fixed price option, but has a choice of going variable for £102, and wanted to know if she was at risk of it going up.
Martin responded: "Now you heard before, there's no actual price cap, but I'm going to use the figures for somebody on typical usage.
"If you use more, your numbers are higher, you use less, yours are lower in proportion. The current price cap until the end of this month is £1277. From the first of April, it's going up 54% to £1971 - an enormous rise that everyone will be facing.
"So your number, your variable number, I presume, is for now, and that will go up another 50% odd. It will take you to £150 a month."
"The big question is what will happen in October? The October price cap is based on wholesale rates those energy firms paid over six months. We are one month through that six months right now, so it is a lot of crystal ball gazing here, and I cannot promise my answer I'm going to give you now is correct. It's just my best guess.
"But based on where we are currently after the hideous things going on in Ukraine, which mean the wholesale rates have spiked, it's looking like in October, on top of the 54% rise in April, we will see another rise of around 45 to 50%, taking a typical energy bill to £2,900 a year."
In February, Chancellor Rishi Sunak announced a £9 billion package, including a one-off repayable £200 discount and a £150 rebate on council tax bills, and £144 million to councils to support vulnerable households amid surging energy prices.
Energy regulator Ofgem sets the energy price cap on standard variable and default tariffs. It is currently priced at £1,277 per year on average for a typical household. The current energy price cap lasts until 31 March, and will rise 54% on 1 April to £1971 per year.
