Energy bills are likely to be frozen at around £2,500 a year for many households under plans due to be announced by Liz Truss.
The new Prime Minister is due to be making a big announcement today, though no details are yet official.
But leaked reports suggest Truss will freeze the Ofgem energy price cap at around £2,500 a year.
This cap limits how much a household paying by direct debit on a variable rate energy deal will pay for gas and electricity a year.
Mirror Online political editor Dan Bloom will be joined by Mirror Money reporter Sam Barker at 2pm this afternoon to take you through everything you need to know about what the plans mean for you.
Join us at 2pm today on the Daily Mirror Facebook page
They will explain how the freeze would affect your energy bills - as well as which people get no help from the scheme.
The Mirror experts will also lay out how the massive multi-billion pound scheme will likely be paid for, and all the help available for people struggling with the cost of living.
What do we know so far?
A Government source confirmed the current proposal is to freeze energy bills for all households at around the £2,500 mark.
Allies claimed this would effectively keep bills about the same as they are now - despite the current cap being £1,971 - because Ms Truss will keep a £400 discount this winter, and do away with £153 green levies on bills.
An ally of Ms Truss suggested a cap will be applied on wholesale costs, not retail ones. That will mean businesses, which aren’t covered by the price cap, would also get help with their bills.
Crucially, a government source said Liz Truss' team has now axed massively controversial plans for Brits to repay the cost out of their energy bills for 20 years.
Instead, it appeared the cost - estimated at £90billion but impossible to guess accurately - would be slapped on the national debt.
The plan appears to be to freeze the wholesale price of gas and electricity.
This would happen at the point it’s sold by energy “generators” to the retail suppliers who send your bill.
What the government appears to be planning is to set a threshold on wholesale prices, and then compensate energy firms when they have to pay over this level.
Sources said the plan is currently to do this directly through Government borrowing, adding the total to the national debt.
There are two levels to this - households and businesses.
Households on variable rate deals are covered by the Ofgem price cap.
Under the plan it appears their annual bills would end up about £2,500, higher than the current £1,971 cap but lower than £3,549 it was due to hit on October 1.
But people would also get a £400 discount spread across October to March that’s already been announced by the government.
Businesses - which aren’t covered by the Ofgem cap - would also see their prices frozen, though there are no further details.
