Gas and electricity bills are set to rise on April 1 as a result of the energy price cap increase. The energy price cap is the maximum amount that all UK energy suppliers can charge for each unit of gas and electricity.
Energy regulator Ofgem announced that the cap will increase by a record breaking 54%, which will mean that households will see an average annual increase of £693 added to their bills. Bills for an average household are predicted to increase from £1,277 to £1,971 as a result of the fuel cap rise, although the exact amount that bills will rise by will vary and is dependent on how much energy your household uses.
Energy firms have been contacting customers throughout the month, outlining what the changes will mean for them. Energy prices have increased following a rise in the global demand for gas as countries emerged from lockdown and have also been exacerbated by restricted gas imports from Russia.
