Households have been warned energy bills could pass £5,000 next April, according to a new shock forecast.
Consultancy Auxilione this morning said Ofgem could set its price cap at £5,038 per year - in yet another blow for worried Brits.
Its experts warned the price cap could hit £4,467 in January 2023 - meaning the average household would be forking out £571 for energy.
The predictions from Auxilione put the January price cap £2,496 higher than its current level set in April of £1,971.
It is also higher than the figure published earlier this week by Cornwall Insight.
Cornwall Insight expects the price cap to rise to £3,582 in October before another climb to £4,266 in January 2023.
Are you worried about affording your energy bills this winter? Let us know: mirror.money.saving@mirror.co.uk
The Mirror has a calculator to work out how much your energy bills could rise by, based on the Cornwall Insight predictions.
Ofgem has yet to announce the new price cap level for October. It will make an announcement on August 26.
Ministers will today haul energy bosses in for crisis talks to explain their profits, as calls grow for the Government to announce further support for households.
The Government has confirmed a £400 energy bill rebate - however, critics including Martin Lewis have argued that this help now doesn’t go far enough.
Tweeting earlier this week, the MoneySavingExpert founder said: "Action & planning is needed now.
“The zombie govt needs wake up sooner than 5 Sept...
"This will leave many destitute. Tax cuts won't help poorest incl many elderly & disabled who've higher usage."
The cost of living package hasn't been updated since May when predictions for the October price cap were substantially lower.
In a LinkedIn post, Auxilione said: “Today the UK government has called in energy companies to try and find a way to work together to bring down prices.
“It seems there is little appreciation for just how impossible that task really is and that energy companies and the government have little control over this in such a globally influenced market.”
What is the energy price cap?
The price cap isn’t actually a total cap on your energy bills - instead, it sets a limit on the rates a supplier can charge for each unit price of electricity and gas you use.
This means if you use more energy, you'll pay more - or use less, and you'll pay less.
The price cap also sets a maximum for the daily standing charge, which is what you pay to have your home connected to the grid.
