Energy bills for most households in Britain are expected to rise by an average of £146 to £1,714 a year from October 1, as wholesale gas prices rebound amid mounting geopolitical turmoil.
Ofgem is expected to lift the price cap by 9 per cent, from £1,568 for the current quarter, when the regulator updates the ceiling on Friday, according to Cornwall Insight, a leading forecaster.
An increase would be the first since January last year, when the price cap hit a historic high of an annual £4,279, after the outbreak of the war in Ukraine caused energy prices to soar. The price spike prompted the government to intervene and subsidise bills through the energy price guarantee, limiting a typical household bill to what was still