Fifteen million households will see gas and electricity bills soar by almost £100 a year from today – at a time when many people's finances are already under pressure. Energy regulator Ofgem is to raise the energy price cap – the top amount suppliers can charge customers on default or "standard variable" tariffs on April 1. Based on average use, it means at least 11 million homes will see annual dual fuel bills rise by £96 to £1,138. A further four million on pre-payment meters will pay £1,156 for the year – £87 more. The move will affect significant numbers of the most vulnerable who are more likely to be on default tariffs or pre-payment meters. It comes as unemployment hit 1.7million in January and 4.7million people are on furlough. Ofgem reviews the cap, which was introduced in 2019, every six months. Last October it fell by £84. All of the Big Six have increased their rates to reflect the higher cap ( Image: REX/Shutterstock) The regulator says the cap "protects consumers who do not switch from overpaying for energy, while encouraging competition in the retail market". It argues the cap also encourages firms to pass on savings to consumers…. Read full this story
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