Energy bills are about to sky-rocket, with a rise of 54 per cent on the way in April.
It's Ofgem's highest ever rise to the energy cap, as it seeks to protect gas and energy suppliers - such as British Gas and EDF - going out of business.
However, it does mean consumers will be paying record amounts for their gas and electricity. So what can we do to protect ourselves? How can we keep prices down? And what's the cheapest provider in the UK? The answers to all of those questions and more are below.
READ MORE - Energy price cap rise: How much will my bills go up by?
Why is the energy cap going up?
A number of factors are to blame, many of them global, some of them specific to Britain. Globally, western economies have emerged from lockdowns at broadly the same time, bringing with them an increase in demand for goods, travel, and other services that require energy. Increased demand, of course, means a higher price.
The UK has been particularly vulnerable to fluctuations in energy prices as the government took the decision not to subsidise the Rough gas storage facility in the north sea. We are therefore more reliant than other countries on imports from abroad.
All this has sent the wholesale price of energy through the roof, meaning the producers - BP, Shell, and the like - get huge profits and the suppliers - British Gas, Bulb, etc - are having to pay more for their energy than they can charge us. Hence the cap rise.
How much is the energy price cap going up by?
The energy price cap is going from £1,277 to £1,971, which is a rise of £693, or 54 per cent.
Consumers must also remember that the cap is not a definitive limit on total bills - it actually applies per unit of energy. The stated amount applies to the typical household - so if you use more energy than the average household, you could end up paying more than the stated £1,971.
Which energy provider is cheapest?
We used Which?'s gas and electricity calculator for a property using an average amount of energy in central Bristol. Utility Warehouse came out as the cheapest, with a quote for £1,253.26. That's followed by So Energy (£1,315.47), Utilita (£1,317.17), Ovo Energy (£1,318.08), and SSE Southern Electric (also £1,318.08).
Be warned, it may or may not be worth you switching, depending on your current deal. Money Saving Expert says you should only consider switching if you can find a price fix no more than 44 per cent more expensive than what you're paying right now. That's because the amount you're paying is likely to increase by 54 per cent in just under two months' time.
How many people will be affected by the cap hike?
Ofgem, the energy regulator, says the rise will affect 22 million households in the UK.
What other help is available?
Ofgem recommends customers struggling to pay their bills to speak to their provider as soon as possible. Your provider may grant you a payment break or be able to arrange an alternative payment plan.
You may also be eligible for the winter fuel payment or the warm home discount. Additionally, the national debtline may be able to grant you 60 days' "breathing space" from debt repayments to get your finances in order.
In October, the government will force energy suppliers to reduce people's bills by £200 per household. This will, however, need to be repaid to the tune of £40 per year over the next five years. The scheme has led to some critics calling it the chancellor's "payday loan".
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