Ofgem

Household energy bills to hit three-year high as Ofgem announces 4% rise from October

A household using a typical amount of gas and electricity will pay £60 a year more, regulator Ofgem says.

The regulator Ofgem says the price cap will increase by 4% in October for millions of households.

The government is under pressure to support billpayers when domestic energy prices predicted to rise further.

The regulator said a fee of between £237,500 to £712,500 per megawatt should be charged for upcoming projects.

Experts say support is available as total debt and arrears to suppliers hit a new record.

A household using a typical amount of energy will pay £221 a year more, under the regulator's new price cap.

Providers can encourage people to use energy when "weather conditions result in excess supply".

The UK giant is optimistic but chief executive Greg Jackson tells the BBC he is making contingency plans.

Ofgem says the multimillion-pound settlement comes after an investigation in 2022.