The Latest Breaking News from Ofgem

The director of retail has written a letter raising concern over people being switched remotely via their smart meters

Ofgem has increased its energy price cap

Consumers are protected from latest hike due to government’s energy price guarantee

Ofgem has confirmed its price cap will rise to £4,279 a year from January - but financial journalist Martin Lewis has explained that average prices will remain at the same level

As Ofgem increases the price cap, the government will have to fork out more money to protect households

Government has announced plans to help businesses cope with rising costs

Ofgem this morning confirmed its price cap will rise to £4,279 a year from January - but households are currently protected by the Energy Price Guarantee, which has "frozen" bills at £2,500

Without the Government’s support, bills for the average household would be 67p per unit of electricity instead of 34p, and 17p per unit of gas instead of 10.3p

The Government’s energy price guarantee will cost around £15.1bn between January and March, compared with £7.8bn from October to December.

The cost of the Government’s energy support package was revealed on Thursday as industry watchdog Ofgem said average annual energy bills should have risen to an eye-watering £4,729 between January and March.

The arrival of colder weather at the start of the winter has begun to bite in the gas market. After a lull in October, the industry-wide cost of the commodity in November has picked up sharply, although it remains significantly lower year-on-year and well below the peaks seen at the…