Gas and electricity bills are set to soar in April following the energy price cap increase. Energy regulator Ofgem revealed that the price cap will be increasing by 54%, with the new prices coming into effect from April 1.
The energy price cap is the maximum amount that suppliers can charge customers for the gas and electricity they use. The price cap rise means that bills will increase from £1,277 to £1,971 for an average household.
Prices have increased due to a rise in global demand for gas as countries emerge from lockdown, which has been further exacerbated by restricted gas imports from Russia. The exact amount that customers' bills will increase will depend on the amount of energy they use.
