The energy price cap will rise by 54 per cent from April this year, Ofgem has announced. The rise will see average annual bills rise by around £693 to as much as £1,971 for standard tariff customers and £2,017 for prepayment meter customers.
The energy regulator sets a new price cap - the maximum amount suppliers are allowed to charge their customers - every six months, and it affects around 22 million homes across England, Wales and Scotland. READ MORE: What time is Rishi Sunak's press conference?
Soaring wholesale gas prices have seen energy companies struggle to stay afloat under the current price cap, with many smaller suppliers going under in recent months.
The rise, which follows an 12 per cent rise last October, will come into force from April 1, when the price cap on energy bills is updated for the next six months.
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