Householders have been warned to brace themselves for the biggest energy bills rise in a decade with more than half facing an increase of about £150 a year. The cost of gas and electricity is expected to soar as a result of the energy price cap being raised, which is due to be announced next week. SponsoredOfgem, the regulator, is preparing to allow suppliers to increase prices for 15 million households by as much as 13 per cent from October. It comes after a huge rise in wholesale costs. The move would allow energy companies to increase bills for 11 million households on default tariffs to an average of about £1,288 a year, with a similar increase for another 4 million with prepayment meters.

Source: The Times July 30, 2021 21:00 UTC