The Latest Breaking News from Ofgem

Britain’s energy regulator Ofgem is set to increase its cap on energy prices by 54% this April 2022. This is in response to the skyrocketing price of gas, aggravated by demand picking up as countries relaxed lockdown measures, low-wind speeds, and bottlenecks in supply chains.

Experts predict bills could leap by another £300, to £2,300, next October given current energy costs. However, it is feared households could be hit by further price rises between April and October

Officials said that changes to the price cap on bills, including the ability to change it more often than twice a year, will reduce risks for suppliers

The increase is expected to plunge millions into fuel poverty

The increase comes shortly after Ofgem put up the price of energy by nearly £700.

Martin Lewis has been wading through the energy bills crisis after Ofgem yesterday confirmed that it was hiking its energy price cap by almost £700 for people on default tariffs

It comes after Ofgem increased the energy price cap to just under £2,000 a year

Bills should have been fixed until October but Ofgem says there may now be another announcement much sooner

Electricity and gas bills to soar by almost £700 from April, says Ofgem