Millions of households across Scotland and the rest of the UK are being warned to prepare for an increase of at least 51 per cent on their fuel bills from April once Ofgem reviews the current energy price cap next month.
The energy price cap, which acts as a backstop to limit the amount that households have to pay for default tariffs, now sits at £1,277, however, Cornwall Insights, an energy sector specialist, warns bills could rise to an eye-watering £1,865 a year, putting even further pressure on household finances.
Since September, some 26 smaller energy firms have collapsed and Bulb has been put into special administration, in order for it to continue supplying its 1.7 million customers as normal.
