Ofgem is expected to announce today, Thursday, that the energy price cap is to rise by 50% because of soaring wholesale gas prices, meaning the average annual bill for gas and electricity could hit £1,915.
Expert analysis suggests Ofgem’s review of the price cap, which will affect around 22 million households, will see bills soar by 50%.
The rise will come into force from April 1, when the price cap on energy bills is updated for the next six months.
The price cap sets the upper limit for how much your gas and electricity supplier can charge you for each kWh of energy you use.
The energy regulator’s announcement had been scheduled for next Monday but officials, without stating why, decided to move it to 11am on Thursday.
The Government is reported to be planning to announce a new support package to help homes hit by the hige leap in energy prices.
Asked about the new support package, a Government spokeswoman said: “We recognise people are facing pressures with the cost of living, which is why we are providing support worth around £12 billion this financial year and next.
“We will provide an update in due course on further help for households across the UK to meet their energy costs in the face of rising global gas prices.”
