Consumer expert Martin Lewis says the new Ofgem price cap is “almost totally meaningless” for energy bills.
Ofgem has confirmed its price cap will rise to £4,279 a year from January. Households are currently protected from rocketing prices through the Energy Price Guarantee, which started on October 1.
At the moment, the typical household pays £2,500 a year for their energy. This level will remain in place until April 2023, when the Energy Price Guarantee will rise to £3,000 for one year.