The energy price cap is to rise by a whopping 54 percent in April.
Ofgem, the energy regulator has confirmed the price cap that will come into force in April.
It sets out the maximum of what can be charged for energy, although Martin Lewis has warned there really is 'no limit'.
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This comes after whole sale gas price shot up last year, leading to over 30 energy companies to fold under the pressure.
Now, the energy price cap will see household bills rise to a record high with a rise of 54 percent, which will be around a staggering £693 extra a year per household.
Those on prepayment meters will be hit with a bigger increase £708 per year.
According to the BBC, this will lead to 18 million households around the UK to typically pay £1,971 a year for gas and electricity.
Jonathan Brearley, chief executive of Ofgem, said: "We know this rise will be extremely worrying for many people, especially those who are struggling to make ends meet, and we will ensure energy companies support their customers in any way they can."
Andrew Bartlett, chief executive of Advice Direct Scotland, said: “This sharp rise will be a devastating blow for many households across Scotland.
“It will cause deep anxiety and financial worries, leaving many people facing the stark choice of heating or eating.
“But Scots don’t have to struggle alone – free, impartial and practical advice is available to everyone in Scotland through our energyadvice.scot service.
“And charities and organisations in Scotland which provide debt, money or energy advice can sign up at homeheatingadvice.scot as a ‘referral partner’ to access a £3m Scottish Government fund for those in fuel poverty or rationing their energy use.”
Chancellor Rishi Sunak is expected to give an announcement regarding the cost of living today, February 3, at 5pm.
